Five banks offer nominal rates of 4% on deposits, but A pays interest annually, B pays semiannually, C pays quarterly, D pays monthly, and E pays daily. Assume 365 days in a year.

What effective annual rate does each bank pay? If you deposit $4,000 in each bank today, how much will you have in each bank at the end of 1 year? 2 years? Round your answers to two decimal places.

Please answer question 3.

3. Suppose you don't have the $4,000 but need it at the end of 1 year. You plan to make a series of deposits - annually for A, semlannually for B, quarterly for C, monthly for D, and dally for E - with payments beginning today. How large must the payments be to each bank? Round your answers to the nearest cent