Your rich godfather has offered you a choice of one of the three following alternatives: N$10,000 now; N$2,000 per year for 8 years; or N$24,000 at the end of 8 years. Assuming you could earn 11 percent per annum compounded semi-annually. (i) Which alternative should you choose? (5 marks) (ii) If you could earn 12 percent per annum, compounded quarterly, would you still choose the same alternative? (5 marks) Question 2 (Total marks= 10) (a) Susana starts a paper route today. Every year she deposits N$500 into her bank account, which earns 4 percent per annum, compounded quarterly. After 10 years, she will use the entire balance in her bank account to invest in a contract that pays 9 percent per annum compounded annually for a further 5 years. How much will she have at the end of 15 years? (7 marks) (b) Suppose you wish to invest $2,000 today so that you have $6,000 six years from now. What must the annual interest rate be in order to achieve your goal if interest is compounded monthly? (3 marks) Question 3 (7 marks) (a) Ken invested $6,000 in an a savings account that pays interest at the rate of 1% per quarter. At the end of five years, Ken withdraws only the interest. How much does he withdraw? (3 marks) (b) How long will it take for an amount of $1,000 to treble if interest is paid at 15 percent per annum if: (i) compounded semi-annually? (2 marks) (ii) compounded quarterly? (2