You are the financial planner for Johnson Controls. Assume last year's profits were $700,000 The board of directors decided to forgo dividends to stockholders and retire high-interest outstanding bonds that were issued 5 years ago at a face value of $1,250,000. You have been asked to invest the profits in a bank. The board must know how much money you will need from the profits earned to retire Thepends in 10 yearf. Bank A pays 6% compounded quarterly, and Bank B pays 621% compounded annually. (Use Table t and Table 2 providebl Note: Do oot iqundintermediote calculations. Round your answers to the neorest dollor amount. a-1. Which bank woulid you recommend? b. Wyou recommended that the remaining money not be distributed to stockholders but be placed in Bank 8 , how much would the remainittg money be worth in 10 years