j. Five banks offer nominal rates of 6% on deposits, but A pays interest annually, B pays semiannually, C pays quarterly, D pays monthly, and E pays daily.

Suppose you dont have the $5,000 but need it at the end of 1 year. You plan to make a series of depositsannually for A, semiannually for B, quarterly for C, monthly for D, and daily for Ewith payments beginning today. How large must the payments be to each bank?