As Customer Relationship Manager of a bank, one of your clients has asked for your advice concerning GH50,000 which she wishes to invest for five years. The two investment alternatives identified are to use a Bank Account where 24 percent per annum interest rate is compounded quarterly and a Savings Fund where the 36 percent per annum interest rate is compounded semi-annually.

i. Calculate the size of the Bank Account and Savings Fund investments at the end of five years.

ii. Calculate the effective annual interest rate of the Bank Account and Savings Fund investments