*Saving for 5 years.

Mary does not know anything about the time value of money, so she does a guess that she will need to deposit S545.00 into a savings account each month. She has a choice between 3 banks for her savings account. Bank A offers 5.05% per year compounded semi-annually, Bank B offers 4.95% per year compounded monthly, Bank C offers 5% per year compounded weekly. b. Using an appropriately set up table, calculate for each option the effective interest rate, the equivalent nominal interest rate with monthly compounding, and then future value of the monthly deposits into Mary's savings account. [Remember to use the nominal interest rate with monthly compounding to calculate the future value.]