Interest rates are 5.147% p.a. compounded once every two years.

a. What is this expressed as a J2? [4]

b. What is this expressed as a p.a. rate compounded once every three years? [4]

Horace Hluhluwe invested $20,000 in a bank account at the above rate thirteen months ago.

c. How much will Horace have in his bank account in seventeen months time? [2]

d. The bank suggests that Horace transfer his money into the banks Supersaver account that offers a continuously compounded rate of 4.9% p.a. Should Horace follow the banks suggestion? Support your answer.