3. You deposited $8000 in a savings account today. If you plan to withdrawal $300 every month, how long can you with draw from the account, starting at the end of this month, if interest is 5.5% compounded monthly? (1 mark) 4. A loan of $2,500 is repaid in monthly installments of $55 over 5 years. a) What is the nominal annual rate of interest compounded monthly? (1 mark) b) What is the effective annual rate? (1 mark)