1) What if money that had a 3% annual interest rate was compounded monthly? What do you think that would mean? 2) Lori deposited $1,000.00 in an account that had a 12% annual interest rate compounded monthly. After one month she had $1,010.00 in the account. Determine how the amount in the account was calculated from $1,000.00. We call the interest rate here the interest rate per period and represent it with the variable i 3) Amani deposited $1,000.00 in an account that had a 12% annual interest rate compounded quarterly (four times a year). After one quarter he had $1,030.00. Determine how the amount in the account was calculated from $1,000.00. 4) Use what you found in questions 2 and 3 to develop a formula for calculating the interest rate i that is used to find the amount of interest on a given balance if r is the annual interest rate that is compounded m times per year. That is, you are writing a formula below involving i,r, and m. For example, in problem 2, r= 12%= .12 and m= 12. 5) Check to see that your formula works by using it to solve question 2 and 3 above