Answer following questions (a) You place $100 per month into an account that earns 1% per month…. 1 answer below »

3. <a href=Answer following questions (5pt each) (a) You place $100 per month into an account that earns 1er, per month. What is the expression to calculate the accounts value after 3 (expression only, no need to calculate) (b) The saving earns 6% per year. If the interest is compounded monthly, what is the effective interest rate per quarter? January 1, a woman deposits $5,000 in a credit union that pays 8% nominal annual interest compounding quarterly. She wished to withdraw all the money in five equal yearly sums, beginning December 31 of the first year. How much should she withdraw each year? “>

Answer following questions (a) You place $100 per month into an account that earns 1% per month. What is the expression to calculate the account’s value after 3 years? (expression only, no need to calculate) (b) The saving account earns 6% per year. If the interest is compounded monthly, what is the effective interest rate per quarter? (c) On January 1, a woman deposits $5,000 in a credit union that pays 8% nominal annual interest, compounding quarterly. She wished to withdraw all the money in five equal yearly sums, beginning December 31 of the first year. How much should she withdraw each year?

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