Question 3: (a) A series of equal quarterly receipts of $500 extends over a period of five years, what is the present worth of this quarterly payment series at 8% interest compounded continuously? (1.5 marks) (b) Suppose you deposit $1,000 in a bank savings account that pays interest at a rate of 10% compounded annually. Assume that you don't withdraw the interest earned at the end of each period (one year), but let it accumulate. How much would you have after four years and how much interest is earned in the year 2? (1.5 marks)