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A payment of $6,500 was made into an account at the end of every 3 months for 12 years. a. If the interest rate for

A payment of $6,500 was made into an account at the end of every 3 months for 12 years.

a. If the interest rate for the first 7 years was 5.00% compounded monthly, calculate the future value at the end of the first 7 years.

b. If the interest rate for the next 5 years was 3.00% compounded annually, calculate the future value at the end of the 12 year term.

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