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(30 marks) 27. Miranda has $8000 to invest in an RESP (Registered Education Savings Plan) for 7 years. a) Which of the following two investment options should she choose? Justify your reasoning. (13 marks) Option 1: 6% compounded semi-annually Option 2: 7.5% simple interest b) What type of function is represented by each of the options in (a)? Explain. (4 marks) 28. Adreece has $7500 to invest for 10 years. At the end of 10 years, he would like to have $20 000. What rate of interest, to the nearest hundredth of a percent, compounded monthly, does Adreece need to achieve his goal? Use the TVM Solver in the TI-83 Plus to solve this problem. Indicate the interest rate and the four calculator entries (N, PV, FV, C/Y) by completing a table similar to the following, in which some answers have been provided. (5 marks) Interest rate = Calculator Entries N = PV = PMT = 0 FV = P/Y = 1 C/Y = PMT: END 29. Determine the time it takes to double an investment in an account that pays interest of 4% per annum, compounded quarterly. (8 marks)