Hi tutor

can you check my answer is it correct?

thank you :)

1.A company has an investment portfolio that earns them 4.4% per annum compounded quarterly.

(i)What interest rate r% compounded continuously would be equivalent to the company's portfolio rate? (my answer:1.11%)

2.Two university friends, John and Anne, are saving for a big trip overseas in five years' time. They both have savings accounts at the same bank which

earn an interest rate of 3% per annum compounded monthly.

Anne's strategy is to pay $200 at the beginning of every month into her account, and she started on January 1st, 2014.

(i) What will her account balance be after five years? (my answer:12961.667)

(ii) How long would it take Anne to reach $15,000? (my answer:68.669 months)

(iii) Write down an equation for the interest rate i per month that Anne would need in order to reach $15,000 in five years. Write your equation as a polynomial in the form f(i) = 0.

3.The Chang family buys a holiday apartment for $154,000 with a downpayment of $66,000. They take out a mortgage for the outstanding amount at an interest rate of 4.8% per annum compounded monthly.

(i)Calculate the total amount of interest paid in amortising the loan.

(ii)Determine the unpaid balance of the loan after 10 years. (my answer: 54419.7)

4.An endowment of $40,000 has been given to the University to support one graduate student per year to travel overseas to attend a conference. At the beginning of each year the successful applicant will receive $4,000. However the first such payment can only be made in two years' time. Assume the interest rate on the endowment is 4.5% per annum (compounded annually).

(i)How many full payments can be made before the endowment has insufficient funds for another payment? (my answer: 12 whole payments)