What is the net annual cost of the following chequing accounts? a. Monthly fee, $2.80; processing fee, 35 cents per cheque; cheques written, an average of 2 a month; $0.70 per debit transaction over the 20 debit transactions per month that are free with an average of 40 per month made. (Round your final answer to 2 decimal places. Omit the "$" sign in your response.) Annual cost $ b. Interest earnings of 7 percent with a $500 minimum balance; average monthly balance, $700; monthly service charge of $16 for falling below the minimum balance, which occurs three times a year (no interest earned in these months). (Round your final answer to 2 decimal places. Omit the "$" sign in your response.) Net cost $