a) If you contribute $1700 into a vacation account every 6 months for 5 years and interest on the savings is 5.25% compounded semi-annually, how much would the balance in the account be 5 years after the final contribution? (4 marks)

b) Liz expects to retire in 20 years. At the end of the first month when she retires, she would like to receive $650 per month for 25 years. How much must she deposit into a fund now to be able to reach this objective if the rate of interest on the deposit is 5.75% compounded monthly? (4 marks)

c) Abdulaziz made deposits of $430 at the end of every three months into a savings account. For the first 6 years, interest was 4.5% compounded quarterly. Since then, the rate of interest has been 5% compounded quarterly. How much is the balance after 11 years? (3 marks)

Question 2

Toby Mcguire just won a lottery, and he is considering purchasing an investment that promises to give him $350 at the end of each month for 24 months, then $420 at the end of each month for 36 months, and then $425 at the end of each month for 36 months. If the first payment is due at the end of the first month and interest is 8.0% compounded annually over the term of the annuity, how much should Toby pay for this investment now?