You deposit $1000 in a very good bank that is willing to give you interest, with the restriction that the money not be removed for 3 years. They stipulate that the interest compounding is ANNUAL. The amount of money you can expect to have at the end of3years is what? 

 

You find another bank also willing to give you 8 % interest on a $1000, 3 year deposit; but this bank is willing to compound it monthly.The amount at the end of 3 years will be what?