No excel please $.$ I need steps also.

You have just joined the investment banking firm of Todd & Co$.$ They have offered you two

different salary arrangements. You can have $$80,000$ per year for the next two years, or you

can have $$70,000$ per year for the next two years, along with a $$20,000$ signing bonus today.

If the interest rate is $12\%$ compounded monthly, which is a better offer? NB: first convert the

annual percentage rate of $12\%$ to EAR and use the EAR as the discount rate