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Mia deposits 4000 Australian dollars (AUD) into a bank account. The bank pays a nominal annual interest rate of 6 % , compounded semi-annually.
1. Find the amount of interest that Mia will earn over the next 2.5 years.
Ella also deposits AUD into a bank account. Her bank pays a nominal annual interest rate of 4 % , compounded monthly. In 2.5 years, the total amount in Ella's account will be 4000 AUD.≈
2. Find the amount that Ella deposits in the bank account.≈
