a) In year 2008, the ABC bank was paying 2.40% interest on savings account.
i) If the interest is paid as simple interest, find the future value of a $2000 deposit in 6 years. What is the total interest paid over the period? [8 marks] ii) If the interest is compounded quarterly, find the future value of a $2000 deposit in 6 years. What is the total interest paid over the period? [10 marks]
