Question: provide answer to both questions, working out bot required: If you save $6,314 now and the account pays 12.4% per annum, compounding monthly, how much

provide answer to both questions, working out bot required:

If you save $6,314 now and the account pays 12.4% per annum, compounding monthly, how much is the outstanding balance at the end of year 5 ? Your Answer: Answer Question 6 (1 point) You can earn 6.5\% p.a (compounded annually) on a deposit account. How many years does it take to double your initial deposit? Hint: you can assume the initial deposit as $1000, or $2000, or any other amount. Keep TWO decimal points. Your

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