Question 1 a) b) (0 Mr. Smith plans to deposit $8,000 in a savings account at the end of each year for the next 5 years. The bank pays interest at the rate of 12% per year, compounded annually, on such a plan. Calculate how much money Mr. Smith can expect to withdraw at the end of 5 years. (5 marks) What is the present value of a series of monthly payments of $300 each over 12 years, if the interest rate is 9% per year, compounded monthly? (5 marks) Mr. Fredrick plans to deposit $8,000 in a savings account at the end of each year for the next 10 years. The bank pays interest at the rate of 8% per year, compounded annually, on such a plan. Calculate how much money Mr. Smith can expect to withdraw at the end of 10 years. (5 marks) Ms. Smith has invested $150,000 in an account at her local bank. The bank will pay her a constant amount each year for 10 years, starting one year from today, and the account's balance will be 0 at the end of the tenth year. If the bank has promised Ms. Smith a 9% return, how much will they have to pay her each year? (5 marks) Mr. Crabby wants to renovate his house in 7 years. He estimates that the total cost will be $48,356. If he can put aside $3,500 at the end of each year, what rate of return must he earn in order to have the amount needed