Mustafa has a saving account that earns interest at 6% per annum. He opened his account with $1000 on December 31. How much interest will earn during the first year if: a) the interest is compounded daily; b) The interest is calculated daily on the minimum daily balance and paid into the account on June 30 and December 31 c) The interest is calculated daily on the minimum daily balance and paid into an account at the end of each month. d) If Mustafa wants to save for 5years, determine the accumulated value of the saving if the compounded frequencies are quarterly. Also, find the equivalent effective annual effective rates. 1 A B I E E