Question 1 (25 Marks - 45 Minutes) The following questions are independent, and all workings must be shown clearly to obtain full marks. If you use a calculator to find the answer, indicate which input keys were used. Providing only a solution with no calculations or no indication of which information was entered in the calculator, will yield only one (1) mark for each correct answer. 1.1 How many years will it take for N\$1000 to become N\$2 000 if an investment offers 6% per year and interest is compounded annually? (4) 1.2 To what amount will regular payments of N$1500 per month at the start of each month accumulate by the end of two (2) years if the payments earn interest monthly at 6% per annum? (5) 1.3 You wish to travel to Europe in five (5) years from now, and you estimate that you will need N $30000 at the time. If you currently have N 15000 , what interest rate must you earn to reach your target? (4) 1.4 A bank is offering 6% per year, interest compounded monthly on a new investment product aimed at "Young Graduates". If you invest N$8000 today, how much will you accumulate by the end of ten (10) years? What is the annual effective rate? (7) 1.5 A student borrowed N$5600 at the beginning of each academic year to pay for registration costs at 8% per annum compound interest. How much does the student owe at the end of the third academic year? (5) (Promotional Exams February 2023)