Jasmine inherits $8000 . She chooses to invest it in a bank account which offers 3.8% interest per annum, compounded monthly.
(a) Calculate how much her investment will be worth after 5 years. Give your answer correct to the nearest dollar.
At the same time, she invests $1000 in an account which offers 6.1% interest per annum, compounded quarterly.
(b) Find how long it will take for this investment to double.
