4. Bank A is paying interest on deposit at an annual rate of 12% compounded monthly. Bank B is paying interest at an annual rate of 12.50%, compounded annually. For each bank, calculate how much you can withdraw three years from today if you deposit $6000 today. Answer:A B 5. You plan to buy a new car five years from today for $10,000. You have $2,000 in your savings account earning interest at a rate of 10%/year, compounded monthly. How much do you have to deposit in your savings account each month to be able to pay cash for your new car in 5 years, if you make the first of 60 monthly deposit one month from today and the last deposit just before buying a car