2, William Murdoch has a savings account earning a nominal annual interest rate of 9% com pounded monthly (a) Starting in 1883, Murdoch deposits a certain amount into his account on December 31 of every year. On December 31, 1883, he deposited $120, and he increased the amount deposited by 4% every year. What will his balance be immediately after the 27th deposit (on December 31, 1909)? (b) Suppose that starting on January 31, 1883, Murdoch deposited a certain amount into his account on the last day of every month (instead of a single deposit at the end of the year). In 1883, he deposited $10 at the end of every month. In the beginning of every subsequent year, Murdoch increased the amount of his monthly deposit by 4%. (For example, in 1884, he deposited $10.40 at the end of every month.) i. What will his balance be immediately after the 12th deposit, on December 31, 1883? ii. What will his balance be immediately after the 324th deposit (on December 31 1909)? [Hint: Reformulate (b)(i) as increasing annual deposits of the form you worked with in (a) with an initial deposit you found in (b) (ii).]