Question: Question #3: You are presented with two different investment plans: Plan A: Invest $1000.00 every year for 10 years at an interest rate of 6.00%,

Question #3: You are presented with two different investment plans: Plan

Question #3: You are presented with two different investment plans: Plan A: Invest $1000.00 every year for 10 years at an interest rate of 6.00%, compounded monthly. Plan B: Invest a lump sum of $10 000.00 at an interest rate of 6.00%, compounded monthly for 10 years. a) Determine the value of each investment plan after 10 years. Show your work. (3 marks) b) Calculate the total amount of interest earned for each plan. (1 mark)

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