$1.$ Solve the following TVM problems. $[5$ x $4=20$ marks$]$

a$.$ If you have $$100$ in a saving account that pays $5\%$ interest per annum, how much

money will be in your saving account after five years.

b$.$ If you put $$100$ each month in your investment account for next $35$ years, how

much money will be accumulated if the rate of return on your investment fund is

$6\%$ per annum. Note that monthly rate will be $0\mathrm{.}5\%.$

c$.$ If you would like to double your investment in $7$ years, what rate of return $($per

annual$)$ should be generated by your investment fund?

d$.$ You have $$100,000$ to put in high interest saving account. Bank A offers you $3\%$

interest per annum but compounded monthly whereas Bank B offers you $2\mathrm{.}9\%$

interest per annum but compounded daily. Which bank would you choose and

why? Note: you must find effective annual rate $($EAR$)$ to answer this question.

please solve but not in excel format, using clear formulas.