Question: please show all work! Effective Interest Calculation Assume that you deposit $4,000 each year (annually) for 4 years into a bank account which earns 6%

please show all work!

Effective Interest Calculation Assume that you deposit $4,000 each year (annually) for 4 years into a bank account which earns 6% per year but the account compounds interest monthly. How much money will you have in the account at the end of 4 years assuming your first deposit is made today? (round final answer to the nearest dollar). 2. $17,542 b. $18,624 c. $18,548 1nom=6%1per=1nom/m=6/12=5% m=12

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