Question: For this question, you must write the formulas you are using and clearly identify each of the variables. a) Suppose $4000 is deposited into an

For this question, you must write the formulas you are using and clearly identify each of the variables.

a) Suppose $4000 is deposited into an account with an annual interest rate of 3%. If interest is compounded monthly, how long will it take for the balance to reach $5000?

b) Suppose $4000 is deposited into an account with an annual interest rate of 3%. If interest is continuously compounded, how long will it take for the balance to reach $5000?

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