MF30 Name: (5) 3. Alphonse deposited the same amount of money every six months for 4.5 years in a savings account that earned 2.9% interest, compounded semi-annually. He ended up with $12000. NOTE: state the formula used. (a) What regular payments must Alphonse make at the end of each 6-month period to meet his goal of $12000? (b) What interest will he earn? Handin 1-5 Page 2 of 2MF30 Name: Section 1.6 Handin Assignment NOTE: For full marks, ALL work must be shown. (10) Xavier has started to build an investment portfolio for his retirement. . He bought a $1000 Canada Savings Bond (CSB) at the end of each year for 5 years. The first three CSBs earned a fixed rate of 5.2% interest, compounded annually. The next two CSBs earned a fixed rate of 5.6% interest, compounded annually. . Two years ago, he bought a $10,000 GIC earning 7% interest, compounded monthly over a term of 2 years (a) What was the value of Xavier's portfolio after 5 years? What is the rate of return? (b) Xavier redeemed his portfolio because interest rates went up. He invested all the money in a savings account that earned 8.1%, compounded semi-annually. About how long will it take Xavier to double the money in his savings account? Handin 1-6 Page 1 of 1