(c) What is the present value of an annuity consisting of payments of $265 every six months for 12 years, if the discount rate is 9% p.a., compounded semi-annually? (4 marks) (d) You deposit $100 into a bank account where it remains for 9 years, at the end of which time the money has grown to $183.85. What is the annual interest rate on the account (5 marks) (e) If the nominal rate of interest is 11% and the expected inflation rate is 8%, what is the approximate real interest rate? (3 marks)