Question: please provide answer and provide working steps and solutions 1. The equation A = 12,000 x 1.06 can be used to calculate the value, A,

please provide answer and provide working steps and solutions

1. The equation A = 12,000 x 1.06" can be used to calculate the value, A, of an initial $12,000 investment at 6% pa, with interest compounded annually, after n years. a) Calculate, to the nearest cent, the value of the investment after 10 years. (2 marks) b) How long would it take to double the initial investment, that is, to reach $24,000? Give your answer to the nearest month. (3 marks) c) State the equation (formula) necessary if the interest was instead compounded semi- annually over n years? Redene the variables if necessary. (2 marks)

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