(a) If $20,000 is now borrowed from a bank and repay by monthly payment for two years. The bank charges a flat rate of 0.5% per month. Calculate the amount of interest for this loan. [4 marks] (b) Dr. Chin deposits $6,000 in advance, and then withdrawn $X after five years. The accumulated value of the deposit becomes $5,000 after ten years. (i) Determine X if the effective interest rate is 4% p.a. (ii) Determine the yield rate if X is 7,000. [3 marks] [4 marks] (c) An amount of $2,000 is invested at the end of each month for 25 years. At the end of the 25th year, this fund will accumulate to $1,000,000. Determine the effective interest rate by Newton-Raphson method, correct to 6 decimal places. [9 marks]