Question: a) [4 marks] How many years will it take an investment of $2000 to accumulate to $2500 if the investment earns interest at the rate

a) [4 marks] How many years will it take an investment of $2000 to accumulate to $2500 if the investment earns interest at the rate of 8% compounded quarterly?

b) [4 marks] Assume that an investment doubles in exactly 10 years and the conversation period is 4. Find the effective rate of interest.

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