Boris Bontebok has several investments.

a. In one of his investments, he invested $10,000 at a return of 5.951% p.a. effective. He now has $23,000 in his account. How long ago (in years) did he invest the money? [4]

b. In another of his investments, he invested $10,951 fifteen years ago and now has $23,000. What rate of return, expressed as a J2 , did Boris get?

c. Terence has some more money that he wants to invest. He is offered two investments. One promises an effective three year rate of 16.951%, while the other offers a return of J12 = 4.9%. If Terence want to choose the investment with the higher rate of return, which investment should he choose?

Please show all work, do not use excel