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(04) (15 points) You are considering depositing equal amounts of money into a bank account at regular intervals for 10 years. At the end of
(04) (15 points) You are considering depositing equal amounts of money into a bank account at regular intervals for 10 years. At the end of your research, you find out the following payment plans: a. To deposit $400 at the end of each month with an interest rate 13% compounded monthly for 10 years. b. To deposit $1400 at the end of every three months with an interest rate of 13% compounded weekly for 10 years. c. To deposit $900 at the end of every two months with 13% compounded quarterly interest for 10 years. Suppose that you make the first payment in the first year and make the final payment at the end of the 10th year in all payment plans. Moreover, assume that each installment earns interest from the time you deposit. For each of these payment plans, calculate the accumulated amount of money in your account at the end of the 10th year (including the last payment). Which alternative would be more profitable for you
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