Module 7: Simple Interest I=PrtS=P(1+rt)P=1+rtsI=SP I: Amount of Interest (\$) S: Future Value (\$) P: Present Value ($) r : Nominal rate of interest (%) t : Time Module 8: Compound Interest FV=PV(1+i)nPV=FV(1+i)norPV=(1+i)nFVi=mjn=mtCI=FVPV FV: Future Value (\$) PV: Present Value (\$) j : Nominal interest rate (\%) m : Frequency of compounding periods per year i : Periodic interest rate (\%) t: Time (years) n :Total number of compounding period in the term CI: Compound Interest amount (\$) immanuel invested $45,000 in a mutual fund at 4.8% compounded semi-annually. After 3 years, the interest rate was changed to 6.2% compounded annually. a) How much was the value of the fund 6 years after the rate change? \$ b) How much was the total compound interest earned during the whole term? \$