2021 QUESTION 6 [17] Jack is starting to study towards a BCompt degree today. Since his parents do not have the financial resources to pay for his studies, he has successfully applied for a study loan at Help You Pass Bank. The terms of the study loan are as follows. Jack will be provided with a cash amount of R20 000 at the beginning of each year for three years of his studies. When he has completed his studies at the end of three years, he will start working He will then repay the loan in monthly instalments at the end of each month) over a period five years. The interest rate ol u le loan is 10% effective Required 1 calculate the size of payments at which Jack will repay the loan (8) b. Assume you deposit R15 000 into an account paying 5% annual interest and leave it on deposit for exactly 8 years How much will be in the account at the end of 8 years if interest is compounded Annually i. (1) il Semi-annually