Question 1 How much is accumulated in each of these following saving plans after 2 years? [a] Deposit $2,000 now and leave it to grow at 8% per year. [b] Deposit $2,000 now and leave it to grow at 0.1% per day compounded daily. Question 2 Suppose that some time ago, you deposited $1,000 in a bank saving account for a rainy day, the account pays interest at a rate of 12% per year compounded monthly. Assume that you don't withdraw the interest earned at the end of each interest period (month), but instead let it accumulate Typically, compound interest is charged so this question and all subsequent ones considers that compound interest is charged. How long ago did you deposit the $1,000 if today you have $1115.69 in your account? Question 3 Jack and Sally are saving for next year's Halloween party (they rightfully cancelled this year's party). They each have different value of time (monthly interest rates: ijack and isally). There are two saving plans: 1] Put aside $200 now 2] Save $300 after six months. They both looked at those plans and disagreed on the outcome. Jack prefers plan 1 while Sally prefers plan 2. They went to a common friend to arbitrate who, in turn looked at plans 1 and 2 and said they are equivalent. That is, it does not matter which plan to be selected. The friend has his own value of time: ifriend. a] What is the value of time of the friend (monthly interest rate of the friend)? b] Describe who has a higher value of time: Jack or Sally? c] Who has higher value of time: Jack or the friend? You need to provide clear analysis to these problems not just final answers