Level 2 Compound Interest Over Irregular Periods Many scenarios given to you when learning about the compound interest formula include whole years. Life doesn't always work in nice whole numbers! How would we handle a situation where we wanted to calculate a balance after 19 months or 27 months? Scenario: Kira takes a $12,000 loan that has a 5 year term at 4.25% compounded daily. The terms of the loan state that she can make no payments for 6 months. After reading the fine print, Kira notices that interest will continue to accumulate during this 6 month grace period that will be rolled over into her loan balance. 1. If the compound interest formula is written in years, what value should you use for t to represent 6 months? 2. What will Kira's loan balance be after 6 months? 3. How much interest will be accumulated during this 6 month grace period?Scenario: Lindsay makes an investment of $5,000 in an account that yields 2.25% annual rate of return compounded monthly. 4. Assuming that she makes no additional deposits or withdrawals, what is Lindsay's investment balance after 18 months? 5. After 18 months, Lindsay decides to deposit an additional $6,500 into this account. What will her balance be if she makes no changes for 28 additional months? 6. Lindsay got her tax return of $2,357 halfway through February. She deposits these funds into a short term money market account with an expected annual return of 0.8% and lets it sit there until it's time to start holiday shopping at the start of December. How much money does Lindsay have at the beginning of December if the account compounded monthly