1. Your younger brother knows that you studied personal finance in university and has some assignment questions with which he needs your assistance.

1. An account has $33,629.70 after 7 years earning 5% per annum. What was the starting amount in the account if no other deposits or withdrawal were made on the account?

[5 marks]

2. If you deposit $18,500 in a bank account that earns 9% per annum, what would be the accumulated amount after 12 years. [5 marks]