Question 4 [11 Marks] 4.1. Determine the time, taken in years, for a sum of money to double if the interest rate is 12,64% p.a, compounded half-yearly. (3) 4.2. Precious received a valuation of R 130 000 for her car that has depreciated at a rate of 15% p.a. on a reducing balance over the last years. Determine the value of the car 5 years ago. (2) 4.3. Richard and James each received R12 000 to invest for a period of 5 years. They invested the money at the same time according to the following options. Richard: 8, 5% p.a. simple interest. At the end of the 5 years he will receive an additional bonus pay out of exactly 7, 5% of the original amount invested. James: 8, 5% p.a. compounded quarterly. Who will have the larger final amount after 5 years? Justify your answer with appropriate calculations. (4) 4.4. Convert an effective annual interest rate of 14, 2% p.a. nominal annual interest rate compounded monthly. (2)