Tommaso and Pietro have each been given 1500 euro to save for college. Pietro invests his money in an account that pays a nominal annual interest rate of 2.75%, compounded half-yearly.
a) Calculate the amount Pietro will have in his account after 5 years. Give your answer correct to 2 decimal places
b) Tommaso wants to invest his money in an account such that his investment will increase to 1.5 times the initial amount in 5 years. Assume the account pays a nominal annual interest of r% compounded quarterly.
Determine the value of r.