Please do not use an online calculator and solve those two questions with explanations and equations. (The answers are given by the way)

You want to save $1500 to travel to Bali in 1 years. How much you need to deposit today in an account that earns 9% interest compounded monthly? (Hint: number of periods is 1 year x 12 months = 12) $1409 $1762 $1187 $1371 What's the Effective Annual Rate of interest for a loan that has an 10% annual percentage rate, compounded bi-monthly? (bi-monthly = every 2 months=6 times a year) 10.43% 12.43% 11.43% 9.43%