(2) The balance in your saving account on 01/01/2013 was $12,000. On 01/01/2016 you check the balance again, and it is S12,894. The bank computes the interest rate compounded monthly What is the interest rate per month? (Hint 1: First, find how many months there are between two dates. Note the question is asking the interest rate per month, not per year. Solve for the r using the above formula. Hint 2: The formula FV C) is equivalent to 1 +r) 1 . 0.10% 2. 0.1 5% 3.0.20% 4.0.25% 5. 0.30%