An investment account of £120,000 attracts 3.6% compound interest per annum.
Q1: If the interest is compounded annually, calculate how much will be in the account after 5 years.
Q2: Calculate how much more interest would have been earned if the interest had been compounded six-monthly at a rate of 1.8% per period.
Q3: Calculate the true annual rate of compound interest if interest of 1.8% is added half-yearly.