Question: Answer all questions. Answers must be written within the answer boxes provided. Working may be continued below the lines, if necessary. 1. [Maximum mark:

Answer all questions. Answers must be written within the answer boxes provided. Working may be continued below the lines, if necessary. 1. [Maximum mark: 6] In this question, give all answers correct to two decimal places. Sam invests $1700 in a savings account that pays a nominal annual rate of interest of 2.74%, compounded half-yearly. Sam makes no further payments to, or withdrawals from, this account. (a) Find the amount that Sam will have in his account after 10 years. David also invests $1700 in a savings account that pays an annual rate of interest of 1%, compounded yearly. David makes no further payments or withdrawals from this account. [3] (b) Find the value of r required so that the amount in David's account after 10 years will be equal to the amount in Sam's account. [2] (c) Find the interest David will earn over the 10 years. [1]

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