Try the following questions: (a) An amount of $16,000 is invested at an interest rate of 3% per annum, compounded monthly. Find the amount of compound interest earned after:

(i) Two years;

(ii) Five years.

(b) If the amount invested is $30,000 and the interest rate is 6% per annum, compounded quarterly, find the amount of compound interest earned after:

(i) Two years;

(ii) Five years

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