Instructions: Compute and interpret the following tasks. Show all the steps to compute the results. 1. Your bank pays 5% interest annually. You have $4,500 invested in the bank. How long will it take your funds to double? How would this change if the bank pays rather 8% instead of 5%?? 2. Which of the following bank accounts has the lowest effective annual return? a. An account that pays 8% nominal interest with daily (365-day) compounding. b. An account that pays 8% nominal interest with monthly compounding. c. An account that pays 8% nominal interest with annual compounding. d. An account that pays 7% nominal interest with daily (365-day) compounding