# Mary B deposits $8500 into a savings account, compounded monthly at a nominal interest rate of 9 percent, as part of a savings plan that she would like to undertake in 5 years.

1) What is the effective interest rate per annum?

2) How much money would she have saved after 5 years?

3) Mary has an an emergency at the end of the second year after she had invested the money.She withdraws $5000 How much money would she receive after 5 years?