Bi-monthly deposits of 16,000 are made to accumulate a fund at the end of 8 years. Round off final answers forieffto 4 decimal places and final answers for future fund valueFto two decimal figures.

• What would be the value of the fund after the last deposit if the nominal interest rate is 17.9% compounded semi-annually?
• What is the bi-monthly effective interest rate if the nominal interest rate is 19.3% compounded annually? Answer in % with 4 decimal places.