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In $1880$ five aboriginal trackers were each promised the equivalent of $100$ Australian dollars for helping to capture the notorious outlaw Ned Kelley. In $1993$ the granddaughters of two of the trackers claimed that this reward had not been paid. The Victorian prime minister stated that if this was true, the government would be happy to pay the $$100.$ However, the granddaughters also claimed that they were entitled to compound interest.

a$.$ How much was each granddaughter entitled to if the interest rate was $4\%?($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$

Future value

Australian dollars

References

b$.$ How much was each entitled to if the interest rate was $8\%?($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$

Future value

Australian dollars