WhenChris was born, his parents set up a bank account in his name with an initial investment of RM5,000. Chris will turn 21 in a few more days and will have access to all his funds. The account was earning 7.3 percent for the first seven years, and the rates went down to 5.5 percent for six years. The economy was doing well in the early 2000s and the account earned 8.2 percent three years in a row. Unfortunately, the next two years he can only earn 4.6 percent. Finally, as the economy recovered, the return jumped to 7.6 percent for the last three years.

Required:

a) Compute the amount of money was in Chris's account before the rates went down drastically (end of year 16). (4marks)

b)Calculate how much will Chris has in his account when he reaches 21 years old.(3marks)

c)Calculate the balance in Chris's account now if his parents made another deposit of RM1,200 at the end of year 7. (5 marks)