2) a) A bank wants to increase deposits and is looking to increase their savings interest rate to achieve this goal. The bank wants to raise $7,000,000 through this program and is willing to pay 3% to achieve the goal. The bank expects to reduce this introductory offer in 5 -years and thus all depositors will remove their funds from their account. How much will they have to pay out in interest to achieve their goal? 7,000,000(1+.03)5=8,150,978.497,000,000=41,150.978.49 in interest. b) A bank wants to increase deposits and is looking to increase their savings interest rate to achieve this goal. The bank wants to raise $1,000,000 through this program and is willing to pay 5% to achieve the goal. How long could the banks keep the accounts active before paying $7,000,000 in interest? c) A bank wants to increase deposits and is looking to increase their savings interest rate to achieve this goal. What interest rate could the bank pay if they wanted to pay $1,000,000 in interest in 7 years