Mary would like to save $$10,000$ at the end of $5$ years for a future down payment on a car.

$(3$ marks each$)$

a$.$ How much should she deposit at the end of each month in a savings account that pays

$1\mathrm{.}2\frac{\%}{a},$ compounded monthly, to meet her goal?

b$.$ If you currently have a part$-$time job, consider your hourly wage. If you do not have a job, use

the minimum hourly wage in your jurisdiction. How many hours each month would you have to

work, just to make those payments? Write a brief reflection on the advantages and

disadvantages to long$-$term saving for a purchase, compared to borrowing a large sum of

money and paying it off over time. Note that interest rates for savings accounts are always

lower than interest rates for borrowing.