Question 1 Your client has R10 000 saved at XYZ Bank in a savings account. The bank offers him an annual interest rate of 5%. Your client wants to leave the interest earned in the account to earn more growth, as he is hoping to save up enough for a holiday in five years' time. 1.1 Name the type of interest your client would be earning, should he leave his investment interest until the end of the five-year term. 1.2 Calculate the total interest your client would have earned at the end of year two. 1.3 Calculate the effective interest rate, should XYZ Bank be willing to pay your client interest quarterly. Show your calculations and reasoning