1. (29 marks ) Mark is saving for the 2022 Australia Day in Melbourne The trip is estimated to cost $5,000 inclusive of all tickets and accommodation. (a) (7 marks ) Mark will set aside his birthday gift of $2,500 in a simple interest ac - count carning 6.0% at a local bank . What will be the accumulated amount after 9 months? (Hint: Round final answer to nearest cents) (b) (8 marks ) Mark also has savings of $2,000, earned over the summer break. He would like to invest his savings in an interest-bearing account that earns interest at a rate of 6.4% per year compounded quarterly . What will be the accumulated amount after 9 months? (Hint: Round final answer to nearest cents) (c) (8 marks ) Alternatively, Mark' bank manager thinks Mark should immediately pool his money and invest the pooled amount in an account for the same time period which pays interest at a rate of 5.2% per annum, compounded monthly. Mark is worried that 5.2% p.a. is a lower interest rate compared to the current arrangement and he will not have enough for his trip. What will be the accumulated amount after 9 months? (Hint: Round final answer to nearest cents) (d) (6 marks ) Write a short paragraph (8-10 sentences) advising Mark of his invest- ment outcomes comparing both options including any advice for a successful trip to Melbourne . Please justify your advice with proper calculations 2. (28 marks ) Jim and Jane would like to purchase a home theatre system for their newly renovated home. After extensive research online and visiting at a few local electronics store, they would like to purchase the newly released speaker package for $3,000 . (a) (11 marks ) Mega Electronics are currently offering a deal of 12 equal monthly repayments with no interest charges. If Mega Electronics values money at 8.4% per year compounded monthly, what cash amount should Mega Electronics be willing to accept instead of the no-interest plan ? (b) (14 marks ) Alternatively, GrandGuys offers the same no-interest plan but require a 10% deposit and an establishment fee of $15 both of which are payable immedia ately. GrandGuys also charges an account keeping fee of $2.95 per month due with each payment. What cash amount should Grand Guys be willing to accept with its no-interest plan on the speaker package ticketed at $3,000? In this case you can assume Grand Guys value money at 9.6% per year compounded monthly. (c) (3 marks ) Which shop offers a better deal for Jim and Jane ? Explain briefly (2-3 sentences)