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Question 1 (25 marks): Suppose you invest $10,000 for 15 years in an account that pays 6% per year: a. If the interest is the simple interest and you do not make any withdrawals, how much will you have in the account at the end of 15 years? (10 marks) b. If the interest is compounded annually and you do not make any withdrawals: - How much will you have in the account at the end of 15 years? (10 marks) - Calculate the amount of the compound interest known as interest-on-interest (interest earned when interest payments are reinvested) in the account at the end of 15 years. (5 marks) (Show ALL workings) Question 2 (25 marks): Suppose you are considering two investment plans as follows: - Plan A: Invest $30,000 at 7%, compounded annually, without any withdrawals. - Plan B: Invest $30,000 at 6%, compounded quarterly, only interest-on-interest is withdrawn each compounding period. Which investment plan will result in the highest balance in your account at the end of year 10th ? Explain your answer. (25 marks)