7. You are planning to make monthly deposits of $500 into a retirement account that pays 10 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 30 years? 8. Bank A pays 6 percent simple interest annually on its investment accounts. If Bank B pays interest on its account compounded semiannually, what the annual percentage rate (APR) should the bank set if it wants to match Bank A over an investment horizon of 10 years