9. Your local bank offers 4-year certificates of deposit (CDs) 12 % compounded quarterly. How much additional interest will you earn over 4 years on a $10,000 CD that is compounded quarterly, compared with one that is compounded annually?

a. $6,050

b. $0

c. $312

d. $220

10. Suppose you put $100 into a savings account today, the account pays 8% compounded semiannually, and you withdraw $50 one year after your initial deposit. What would your ending balance be 20 years after the initial $100 deposit was made, if you make no additional deposits?

a. $250.31

b. $257.45

c. $258.16

d. $430.10

e. $480.10