A small business is saving up for a remodelling project. They plan to save $48,000.00 each year for the project. Answer the questions. Round answers to 2 decimal places

a) How much will they have saved after 7 years if they make annual deposits at the start of the year into an account earning 3% interest compounded annually? total amount saved: $

b) How much will they have saved if they divide the yearly deposit into equal monthly amounts and deposit this amount at the start of every month into an account earning 3% interest compounded monthly. total amount saved: $