At the request of residents, the municipal council has agreed to build a footpath in front of each house. The municipal council asks each property owner to make a contribution of AUD 3,000. This money is to be paid in equal quarterly instalments over three years, at nominal interest rate of 5 % per annum on any money owing at the end of each quarter. Express your answer to the nearest 2 decimal places. a. Calculate the amount of money paid to the council by each resident each quarter. b. Find the cost savings if a resident paid the entire AUD 3,000 at once, rather than in installments