Question 6 - Time value of money (19 marks) Scott invested 510,000 in a non-redeemable guaranteed investment certificate (GIC) with a fixed rate of interest of 2.22% for the first year, 1.4% in the Second year and 0.5% for the third year. Determine the total value of his Investment after the third year (4 marks). by Kyle is set to Inherit $800.000 that his late grandfather gifted him when he turns 21 in eight years. If he can Invest the money today and earn a rate of return of 6%.compounded semi-annually. Determine what his Inheritance is worth today (3 marks) c) Clarence expects to buy a single family home in five years for $650,000. If she wants to make a 20% downpayment and saves $2.000 each month earning a return of 4.5%, compounded monthly, how much will she have for a down payment for a home at the end of the fifth year? (3 marks). d) Jackle has just retired from her job. She will receive $2.500 as monthly pension for 20 years. If the discount rate is 5% per year, calculate the total present value of her pension (3 marks). ) 1) Chloe wants to buy a boat that costs $50,000. If she makes a downpayment of $10,000 on the boat, calculate how much her monthly boat payments will be if the takes a 7.vear loan with an interest rate of 13.5%, compounded monthly (3 marks). 1 m Calculate the outstanding loan amount after thirty-six months (3 marka