(a) Mr. and Mrs. Jones each have 10,000 pounds available for investment. Mr. Jones invests his money in Bank One, which

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(a) Mr. and Mrs. Jones each have 10,000 pounds available for
investment. Mr. Jones invests his money in Bank One, which offers
an annual interest rate of 3% compounded monthly. Mrs. Jones
invests her money in Bank Two which offerers a simple interest of
r%. Five years later, they find that they have accumulated the
exact same amount, A.
i. Determine the value of A rounded to 2 decimal places.
ii. Determine the value of r rounded to 2 decimal places.
(b) Mr. and Mrs. Jones are hoping to save up 150,000 pounds in Bank
One by the time they reach the age of retirement. They do so by
depositing 500 pounds at the end of each month for 20 years.
Determine whether they will achieve their aim, showing all your
work.
(c) Upon retirement, Mr. and Mrs. Jones plan to use the 150000
pounds in Bank one, to withdraw a fixed amount on a monthly basis,
to cover cost of living. How much money can they withdraw each
month if they would like the money to last 20 years.