2. You receive a credit card application offering an introductory rate of 0.5% compounded monthly for the first six months, increasing thereafter to 17% compounded monthly. a. What is the period rate for the first six months? What is the period rate after six months? b. Assuming you transfer $6,000 from your existing credit card balance and make no subsequent payments, how much interest will you owe at the end of the first year? c. You decide to go with a different credit card that quotes a rate of 1% compounded monthly. You are making equal payments of $400 to pay down the balance. Is this an annuity of perpetuity? Why? What is the difference between an annuity and perpetuity? d. In addition, to paying down your credit card balance, you consider saving for retirement. If you want to be a millionaire when you retire in 25 years, how much should you save each month if you can earn an annual 11% return? e. How much more will you have to deposit each month if you wait 10 years to start saving? Why do you have to deposit more