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On 1 January 2019, Belinda had $5000 in her savings account. She earned interest at 5.4% p.a. compounded quarterly. On 1 July 2020 the interest
On 1 January 2019, Belinda had $5000 in her savings account. She earned interest at 5.4% p.a. compounded quarterly. On 1 July 2020 the interest rate changed to 6.6% p.a. compounded monthly. Assume Belinda has not made another deposit or withdrawal. a. Which of the following formula can be used to find the balance in Belinda's savings account on 1 January 2022? Choose one from the options provided below. (1 mark) FV=5000*(1+11)^n1+5000(1+12)^n2 FV=5000*(1+11)^n1+(1+i2)^n2 FV=5000(1+i7*n1)+(1+i2*n2) FV=5000(1+i7*n 1)+5000(1+i2*n2) FV=5000*(1+11)^n1*(1+i2)^n2 FV=5000(1+i7*n)*(1+i2*n2) b. Calculate the following variables using the formula you have chosen in part a (above). The variables may or may not be the same value. Assume in represents the original interest rate per quarter, i2 represents the new interest rate per month. (2 marks) For percentages, round your answer to the nearest 0.01% (2dp). Do not include the % symbol. Do not use comma separators. For example, if your answer in decimal is 0.123456, 12.35 would be the correct format. For n, show your answer as an integer (positive or negative). Do not include units like "years" or "months (number only). Do not use comma separators. For example, 123456 would be the b. Calculate the following variables using the formula you have chosen in part a (above). The variables may or may not be the same value. Assume in represents the original interest rate per quarter, i2 represents the new interest rate per month. (2 marks) For percentages, round your answer to the nearest 0.01% (2dp). Do not include the % symbol. Do not use comma separators. For example, if your answer in decimal is 0.123456, 12.35 would be the correct format. For n, show your answer as an integer (positive or negative). Do not include units like "years" or "months (number only). Do not use comma separators. For example, 123456 would be the correct format. 11 = % (0.5 mark) 12= % (0.5 mark) n1= (0.5 mark) n2= (0.5 mark)
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