1) John has three years to save up $50,000 and finds a credit union that will pay 6% p.a. compounding monthly. How much

[answerhappygod]

1) John has three years to save up $50,000 and finds a credit
union that will pay 6% p.a. compounding monthly. How much does he
need to deposit today?
2) John finds a bank that offers an effective annual rate of
interest of 6.1%. Explain if this offer is better than the credit
union’s offer stated above.
3) If John saves $10,000 a year for 3 years at an interest rate
of 6.1% per annum compounded annually, how much would he have saved
up at the end of 3 years?