Problem 1: Suppose you invest $5000.00 at an interest rate of 2.8% per year.Part a:What is the balance after 2 years if the funds are compounded quarterly? Report your answer in a complete sentence with appropriate units and round your answer to the nearest cent.Part b:What is the balance after 2 years if the funds are compounded continuously? Report your answer in a complete sentence with appropriate units and round your answer to the nearest cent.Part c:What is the balance after 20 years if the funds are compounded continuously? Report your answer in a complete sentence with appropriate units and round your answer to the nearest cent.
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