Question 4 Mr Ray has a t-shirt printing business. Mr Ray deposited RM10,000 in Blue Bank earning a 2.5% interest compounded monthlysince 6 years ago. At the same time Mr Ray deposited RM500 once every three months in AFRO Bank earning 3% interest compounded quarterly. (a) Determine Mr Ray's accumulated savings in both banks at the end of 6th year. (9 marks) (b) Mr Ray plans to open a new branch of printing shop which cost him RM30,000. He intends to use 81% of his total savings in opening the new branch. For the balance, he plans to take up a personal loan from a financial institution. Determine the monthly installment on his personal loan if he was offered 5% interest compounded monthly for 2 years. (6 marks) (c) Find the accumulated amount of Mr Ray's remaining savings if he invested all his savings in an account that pays 2.7% interest compounded monthly for the next 5 years. Hence, find the interest earned. (5 marks)