QUESTION 1 Amanda needs to save up $250,000 as a deposit to start her own business. She has contacted her local bank, who advised her that they are currently paying an interest rate of 5.96% per annum, compounding semi-annually. Required: a. What are the effective annual rate and effective monthly rate in this case? (6 marks) b. If Amanda has 5 years to save up the money that she needs to start her business, how much does she need to make a one-off deposit today? (3 marks) c. Alternatively, instead of making a one-off deposit today, Amanda considers making monthly deposits of $1,500 for the next 5 years. Will she save up the money required? Assume all deposits are made at the start of each month. (3 marks) d. Alternatively, instead of making one-off or monthly deposits, Amanda considers making equal semi-annual deposits for the next 5 years. How much money does she need to deposit to the bank every half-year? Assume all deposits are made at the end of each half-year. (3 marks)