Instructions: Answer each question, and when required explain your answer. Your explanation must be clear and complete. You may refer to your book, your notes and your homework papers. [1] Which is the best deal over a 3-year period: investing at 7.2% compounded annually, investing at 7% compounded monthly or investing at 6.8% compounded daily? Show how you determine the answer. [2] Problem 21ab on p. 814: How much money would have to be invested in an account at 4.25% annual interest to achieve a balance of $50,000 in 20 years in each of the following cases? (a) The account pays simple interest? (b) The account compounds interest semi-annually? [3] Problem 24 p. 831. (a) Use the monthly payment formula to determine the monthly payment for a 60-month amortized loan of $25,495 at 4.5% interest. (b) Use an amortization table to find the monthly payment for the loan from part (a), and compare the result with the monthly payment found in part (a). [4] Explain how to select a simple random sample of 7 elements from the whole numbers running from 1 to 100, using the table on page 570. What sample do you get? Explain in enough detail that I can verify that your sample is the one you should have gotten. [5] Explain how to select a 40% independent sample from the whole numbers running from 1 to 10, using the table on page 570. What sample do you get? Explain in enough detail that I can verify that your sample is the one you should have gotten. [6] Do Problem 37 on page 592.