AYou would like to have $16000 in 20 years time. You can deposit $2000 today. What interest rate must you earn if the interest is compounded annually? [5 Marks] B Jack plans to retire in 30 years. He can afford to save of $1000 a month into an account that pays an interest of 8% compounded monthly. How much money can he save for his retirement? C You have two options to deposit funds. First Bank offers a rate of 5.6 percent compounded monthly. Second Bank offers 5.75 percent compounded quarterly. Find out the effective annual rate (EAR) for the two banks. Which bank will you choose? D You borrow $1,000,000 today for 30 years at an interest of 6% compounded annually. How much will you have to pay each year?