3.A student begins saving for college by making regular monthly payments of $200.00 into an account that earns 5% per annum interest, compounded monthly.

a) Determine the value of the annuity after four years.

b) If the amount of the payments was changed to $300.00, what would the future value after four years be? Determine thiswithoutthe TVM Solver! Show your work.

c) Determine the amount of additional interest earned using $200.00 monthly payments with an interest rate of 8% per annum instead of 5% per annum.