Question:

A client wishes to invest some money into a bank account so that the investment grows to $20,000 in 10 years.

" i. If the account provides 5% p.a. interest compounded quarterly, determine the investment the client needs to achieve the goal. "

"ii. If the account provides 2.2% p.a. interest compounded continuously, determine the investment the client needs to achieve the goal."

"iii. Assume the client invests the amount determined in (i). How many years will it take the investment to grow to $65,000 if the interest rate is 5% p.a. compounded quarterly? "