8. Suppose that you invest $2000 in a savings account, which pays 3% annual interest compounded monthly. a. How much money will be in the account at the end of 1 year? b. By what percentage does the amount of money in the account grow in 1 year? [Hint: the answer is not just 3%, since the compounding is monthly.] c. How much money will be in the account at the end of 5 years, based on monthly compounding? d. How much more money will be in the account at the end of 5 years, than if the interest had just been compounded annually (rather than monthly)?