please solve question 8 using equations. no excel. thank you! also, question 7 is here because it is part of question 8

7. Suppose that you invest $1000 in a savings account today paying interest of 5 percent per year. You expect to save $600 per year, which will be placed into the account at the end of each year beginning one year from now (the last $600 deposit occurring in six years). How much money will you have in the account after six years? I=5%N=PV=61,000600(1.0551/.05)=4,081.1481000(1.056)=1000(1.34)=1,340.0961,340.096+4,081.148=$5,421.24 8. Suppose that you invest $1000 in a savings account today paying interest of 6% per year ( 0.5% per month). You expect to save $600 per year, which will be invested at a rate of $50 at the end of each month for 72 months (the first $50 investment occurring one month from now). How much money will you have in the account after 6 years? Compare the answer here with the answer for problem 7 above. Explain the different in results from the two savings programs