Ms. Jaylon has sh100,000 that she can deposit in any of three savings accounts for a 3-year period. Bank A compounds interest on an annual basis, bank B compounds interest twice each year, and bank C compounds interest each quarter. All three banks have a stated annual interest rate of 4%.

1. Determine the amount Ms. Jaylon would have after 3 years, leaving all interest paid on deposit, in each bank? (9mks)
2. On the basis of your findings in part a, which bank should Ms. Jaylon deal with and Why? (3mks)
3. If a fourth bank (bank D), also with a 4% stated interest rate, compounds interest continuously, how much would Ms. Jaylon have after 3 years? Does this alternative change your recommendation in part b? Explain why or why not. (6mks)