Question: answer question 8 (a & b) please!! 8. Suppose you wish to invest $10, 000 into a 3 year Certificate of Deposit at a bank.

answer question 8 (a & b) please!!

8. Suppose you wish to invest $10, 000 into a 3 year Certificate of Deposit at a bank. Furthermore, suppose two banks offer two different plans: (a) Bank A: 3 year CD, 5.2% interest rate per year, compounded monthly (b) Bank B: 3 year CD, 5% interest rate per year, compounded continuously. In order to maximize your investment, solve the following: (a) Calculate the amount in the CD for both plans after 3 years. (b) According to your calculation in part (a), which bank should you open a 3 year CD with to maximize your investment

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