Question 1 (8 marks)

a) You invested your money in a bank account that earns interest at 10% p.a. compounded semi-annually today. How many years will it take to triple your money? (Round your answer to 2 decimal places.) (2 marks)

b) Jack wants to deposit some money in a Bank. Bank A provides interest at 5.61% p.a. compounded quarterly and Bank B provides interest at 5.64% p.a. compounded monthly. Find the effective annual rates for both banks and suggest Jack which bank he should choose. (3 marks)

c) An amount was initially deposited in a bank account which has a balance of 13,000 after five and a half years. The account paid interest at 4% p.a. compounded quarterly for the first 2 and a half years, then at a 5% p.a. compounded monthly for the rest of the period. How much was initially deposited in the bank if no withdrawals were made? (Round your answer to the nearest cent.) (3 marks)

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