Answer Part a

O words Question 8 4 pts 8. Your friend plans to deposit $6,000 at the end of every 6 months starting at the end of month 6 into an account that pays a nominal interest rate (i.e. APR) of 12% per year compounded monthly. a. What will be the balance of your friend's account at the end of 10 years? b. Explain why your answer to problems 7 and 8a are different. Be specific about why one is larger or they are the same. Be sure to refer to the compounding frequency and the deposit frequency in your explanation. 4 points possible: CFD -0.5 points Set up and calculation - 2.75 points Statement - 0.25 points Part b -0.5 points HTML Editor BIVA - A - I E II IX XE 3 el Vec I T 12pt Paragraph - MacBook Air 20 888 F. 00 N D F G H I J B M