Assume you deposit $10000 in a saving account. If the interest rate is 12% per year, compounded monthly, how long, in years, will it take you to reach a balance of $44000? Present your answer as a whole number to two decimals (including any reference to years), e.g. 1.23 years (25% marks will be deducted if the years reference is not provided). Answer: Assume you are buying an insurance policy. The insurance policy is offering an annuity of $40,000 for 20 years that begins on your 66 birthday. If today is your 20 birthday and the opportunity cost is 3% per annum, how much should you pay for this insurance policy today? Present your answer as a whole number to two decimals (including the $ symbol) and a positive value, e.g. $3210.65 (25% marks will be deducted if the $ symbol is not provided)