Shawn received a loan of $17,000 at 4% compounded semi-annually.

a. Calculate the amount Shawn owes at the end of year 1.

Round to the nearest cent

b. If the interest rate changed to 3% compounded monthly at the end of year 1, calculate the amount Shawn owes at the end of year 4.

Round to the nearest cent

c. Calculate the total amount of interest accrued during the 4-year period.

Round to the nearest cent

Courtney has been contributing $7,500 into a retirement fund at the beginning of each quarter for the past 5 years. She decided to stop making payments and to allow her investment to grow for another 5 years. The fund grows at 4.75% compounded monthly.

a. What was the accumulated value of the fund at the end of 5 years?

Round to the nearest cent

b. What was the accumulated value of the fund at the end of 10 years ?

Round to the nearest cent

c. What was the amount of interest earned over the 10-year period?

Round to the nearest cent