Mr. Smith plans to deposit $8000 in a savings account at the end of each year for 5 years. The bank pays

interest at the rate of 12% per year, compounded quarterly, on such a plan. Calculate how much money

Mr. Smith can expect to withdraw at the end of 5 years, (a) by the method of Example 4.4, (b) by use of

(4.3). Ans. (a) $51 382.40; (b) $51 394.73