units / ACST1001_FHFYR 2021_ALL_U / Assignment and Excel Assignment / Excel Assignment Donald is the owner of a small restaurant, and is considering renovating his kitchen and buying new equipment to keep up with increasing business. He has received a quote of $30,000 from the contractor John for this renovation and equipment. After some additional research and negotiation, Donald has noted/secured the following: John has agreed to let Donald pay the $30,000 cost of the renovation as 10 equal fortnightly payments (e. 10 payments of $3000), the first being made immediately. The fi nal repayment will coincide with the completion of the renovation. Donald can reopen his restaurant immediately after this. Donald's bank account pays interest at 5.8% p.a. compounding semi-annually. For the purposes of this question, assume he can both invest and borrow at this rate. (a) How many weeks are there from today until the renovation is complete? (1 mark) Answer: b) Determine the equivalent effective annual rate for Donald's account. (1 mark) Answer: c) Determine the equivalent effective fortnightly rate for Donald's (1 mark)