John has three years to save up $50,000 and finds a credit union that will pay 6% p.a. compounding monthly. How much does he need to deposit today? 2) John finds a bank that offers an effective annual rate of interest of 6.1%. Explain if this offer is better than the credit union’s offer stated above. 3) If John saves $10,000 a year for 3 years at an interest rate of 6.1% per annum compounded annually, how much would he have saved up at the end of 3 years?