You plan to invest Rs.2000 in a fixed deposit today that pays a stated annual interest rate of 8 percent which is expected to apply to all future years

a) How much will you have in the account at the end of 10 years if interest is compounded as follows i)Annually ii)Semiannually iii)Monthly

b) What is the effective annual rate (EAR) for each compounding frequency in part a.

Note: Kindly solve using formulas and don't use excel.