(9 points) William Murdoch has a savings account earning a nominal annual interest rate of 6% compounded monthly. a) Starting in 1883, Murdoch deposits a certain amount into his account on December 31 of every year. On December 31, 1883, he deposited $120, and he increased the amount deposited by 2% every year. What will his balance be immediately after the 24th deposit, on December 31, 1906? Answer = $ 7477.76778 b) Suppose that starting on January 31, 1883, Murdoch deposited a certain amount into his account on the last day of every month (instead of a single deposit at the end of the year). In 1883, he deposited $10 at the end of every month. In the beginning of every subsequent year, Murdoch increased the amount of his monthly deposit by 2%. (For example, in 1884, he deposited $10.2 at the end of every month.) i. What will his balance be immediately after the 12th deposit, on December 31, 1883? Answer = $ 123.355623 ii. What will his balance be immediately after the 288th deposit, on December 31, 1906? Answer = $ 9041.17901 Click for a hint Reformulate (b)(ii) as increasing annual deposits of the form you worked with in (a) with an initial deposit you found in (b)(0)