Question text Guidelines to answer the following question:Answer the following questions by filling in the blanks. If the answer requires a number, enter the number only. Use - for negative. Do not use any spaces or brackets. [Total: (1+1+1) + (1+1+1+5) = 11 marks]a) Julia invests $4,000 which increases to $5,344 after 7 years of simple interest at r% p.a.? (i) How much interest [math: I] did Julia earn? 1 mark [math: I] = $ Answer 1 Question 3[input] (ii) What is the formula for calculating the value of [math: r]? 1 mark Option 1: [math: r=100PIT] Option 2: [math: r=100TIP] Option 3: [math: r=100IPT] Option 4: [math: r=PT100I] Answer: Option Answer 2 Question 3[select: , 1, 2, 3, 4]. (iii) What is the value of [math: r]? 1 mark [math: r] =Answer 3 Question 3[input] %  b) Jeremy invests $24,000 for 4 years at 6% p.a. with interest compounded quarterly. (i) What is the value of [math: r]? 1 mark [math: r]= Answer 4 Question 3[input] %  (ii) What is the value of [math: n]? 1 mark [math: n]= Answer 5 Question 3[input] (iii) What is the total amount [math: A] of Jeremy’s investment after 4 years? 1 mark [math: A]=$ Answer 6 Question 3[input] (iv) What annual interest rate would be required for the total value of Jeremy’s $24,000 investment to reach $36,000 after 4 years of interest compounded every three months? Solutions: Answer 7 Question 3[input] [math: (1+r100)16] = Answer 8 Question 3[input] 2 marks [math: (1+r100)16]= Answer 9 Question 3[input] 1 mark r = Answer 10 Question 3[input] %  (Give answer correct to two decimal places.) 1 mark annual interest rate = Answer 11 Question 3[input] %  (Give answer correct to two decimal places.) 1 markMultiple fill-in-the-blank

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