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(a) Create simple examples to illustrate the following concepts. (8 marks) i. Time value of money ii. Effective interest iii. Sinking Fund iv. Amortized loan

(a) Create simple examples to illustrate the following concepts. (8 marks)

i. Time value of money

ii. Effective interest

iii. Sinking Fund

iv. Amortized loan

b) Assuming you will be able to deposit GHC6000 at the end of each of the next four years in a bank account paying 9% interest. You currently have GHC6000 in the account. How much will you have in four years?

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