Question 1 (Total of 12 marks) Worrylater is a financial service that enables consumers to purchase items from retailers where they can buy now and pay for the item later. You would like to purchase a new mobile phone for $1,099 and are currently investigating the payment plan Worrylater offers customers. (a) (4 marks) If the company charges 5% per annum compounded quarterly, calculate the total repayment needed in 9 months. (b) (6 marks) After careful consideration, you have decided to stay away from Worrylater and instead put away $80 per month in your bank account that pays 3% per annum compounded monthly. Do you have enough to purchase your new mobile phone in one years' time? (c) (2 marks) Based on your calculations, do you think it is worth waiting to use your own money for the new phone? Explain briefly