Assume that 1 year from now you plan to deposit $1000 in a savings account that pays a nominal rate of 8%.

a) if the bank compounds interest annually, how much will you have in your account 4 years from now?

b) what would your balance be 4 years from now if the bank used quarterly compounding rather than annual compounding?

please explain in details. by explaining using the finanical calculator?

a) N= 3 or 4? because in the book it says N= 3 even though we want 4 years from now? I don't understand this part.