Required to show your work. Providing answers alone will not get you full credit.

1. YAA Bank is newly established and offers savings deposits rate of 6% compounded semiannually. If you deposit $100,000 into that account, how many years will you have to wait until your account is worth $120,000 ? ( 3 marks) 2. You need $300,000 for a new house in 8 years. If you could earn 0.6% per month, how much will you have to deposit today? (3 marks) 3. At 6% interest rate compounded quarterly, how many years does it take to quadruple your money? (3 marks) 4. An investment guarantees that you can receive back $10,000 five years later by investing $7,000 today. What interest rate do you earn if the rate is compounded semi-annually? ( 3 marks)