William has recently signed a 3 year contract with FNU as a Teaching Assistant. Under the terms of his employment, he works from Monday to Friday. Williams new wife (who is not a good cook) offers to cook and pack him his lunch for work. This will cost him an average of $1.8500000000000001 per meal (For the purpose of the calculations, please round of the dollar ($$) value to 2 Decimal Places. This instruction holds for the rest of this paper). However, William has a bad habit of eating out and prefers to buy lunch on his work days at an average cost of $9.1699999999999999 per meal.

Consider the scenario if William had chosen to deposit the savings into a bank account on a weekly basis. BSP is offering William a Savings Account package where he would need to make a weekly deposit of his savings. BSP would pay a nominal interest rate of 6% compounded weekly. ANZ is offering a package where William would need to make a weekly deposit with a nominal interest rate of 6.4000000000000004% compounded annually.

a.) How much was the total cost of eating out at the end of Williams contract? (3 marks)

b.) Over the period of contract, how much would William have saved if he ate his wifes home cooked lunch and banked his savings with BSP? (3 marks)

c.) Over the period of contract, how much would William have saved if he ate his wifes home cooked lunch and banked his savings with ANZ? (3 marks)

d.) Which banking option would accumulate more funds for William by the end of his contract? (1 marks)