1) Your master was so much fun you have decided you wish to get your doctorate. You have a scholarship for tuition but you need to finance your living expenses of $2,000 / month. You anticipate it will take you 6 years to complete your doctorate. How much money do you need to start assuming a 9% interest rate?
2) An amount of $35,000 was invested on Jan 1, 2013 at annual interest rate of 9.8% compounded on quarterly basis. On Jan 1, 2014 the terms or the agreement were changed such that compounding was to be done twice a month from Jan 1, 2014. The interest rate remained the same. Calculate the total value of investment on Dec 31, 2014.