a) First City Bank pays 6 percent simple interest on its savings account balances, whereas Second City Bank pays 6 percent interest compounded annually. If you made a deposit of $7,500 in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years?b) Assume the total cost of a college education will be $280,000 when your child enters college in 18 years. You presently have $45,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child’s college education?c) In 2011, an 1880-O Morgan silver dollar sold for $13,113. What was the rate of return on this investment?d) You want to buy a new sports coupe for $68,500, and the finance office at the dealership has quoted you a loan with an APR of 5.9 for 60 months to buy the car. What will your monthly payments be? What is the effective annual rate of this loan?a) First City Bank pays 6 percent simple interest on its savings account balances, whereas Second City Bank pays 6 percent interest compounded annually. If you made a deposit of $7,500 in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years?b) Assume the total cost of a college education will be $280,000 when your child enters college in 18 years. You presently have $45,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child’s college education?c) In 2011, an 1880-O Morgan silver dollar sold for $13,113. What was the rate of return on this investment?d) You want to buy a new sports coupe for $68,500, and the finance office at the dealership has quoted you a loan with an APR of 5.9 for 60 months to buy the car. What will your monthly payments be? What is the effective annual rate of this loan?