Questions 1 a) You have decided to deposit your scholarship money ($80,000) in a savings account paying

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Questions 1

a) You have decided to deposit your scholarship money ($80,000) in a savings account paying 6% interest, compounded quarterly.Sixty-six months later, you decide to go to the mountains rather than school and you close out your account.How much money will you receive?

b) You place $75,000 in your credit union at an annual interest rate of 8 percent compounded monthly.How much will you have in 15 years if all interest remains in the accounts?

[N:B Please solve this with all details and formula and write in word file]