741 =8% X Last number of your student ID P= 1) Suppose that you have borrowed...

  

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741 =8% X Last number of your student ID P= 1) Suppose that you have borrowed $10000 (ten thousand) from Citibank at an interest rate of (X+1)% compounded annually. It will be repaid in equal annual installments over 18 years period with each payment made at the end of corresponding year. Calculate the interest payment amount for the second year? (70p) A = 7 A= 2 P 2) How long would it take an investment to reach three times if the interest rate is (X+4)% compounded annually? (30p) XLast number of your student ID 741 =8% X Last number of your student ID P= 1) Suppose that you have borrowed $10000 (ten thousand) from Citibank at an interest rate of (X+1)% compounded annually. It will be repaid in equal annual installments over 18 years period with each payment made at the end of corresponding year. Calculate the interest payment amount for the second year? (70p) A = 7 A= 2 P 2) How long would it take an investment to reach three times if the interest rate is (X+4)% compounded annually? (30p) XLast number of your student ID