1. Consider the following series of cash flows of annual deposits of alternate $50 and $75 respectively at the end of each year starting from year 1 over the next 10 years. The bank's interest rate is 4.5% compounded annually.. t=0 1 2 3 50 75 50 10 75 (a) Calculate the effective rate for 2 years. (3 Marks) (b) Using the annuity formula, calculate the present value at t = 0 of this series of cash flows. (12 Marks)