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please do it correctly will upvote 1. A bank account pays 5.3 % interest per year. Joe deposits EUR 12,000 today. (Total: 10 marks) a.

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please do it correctly will upvote

1. A bank account pays 5.3 % interest per year. Joe deposits EUR 12,000 today. (Total: 10 marks) a. How much will be in the account after 20 years if interest is compounded monthly? (3 marks) b. How much will be in the account after 20 years if interest is compounded continuously? (3 marks) c. Calculate the AER in case a. above (to three decimal places). (3 marks) d. Explain the concept of AER in the context of saving. (1 mark)

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