An investment of $18,000 is growing at 4% compounded quarterly.

a.Calculate the accumulated amount at the end of year 1.

$18,918.18

$18,545.42

$18,730.87

$21,057.45

b.If the interest rate changed to 5% compounded monthly at the end of year 1, calculate the future value at the end of year 3.

$40,585.46

$19,888.94

$23,783.23

$20,696.51

c.Calculate the total interest earned.

$2,696.51

$730.87

$5,783.23

$22,585.46