Problem
1. Your parents make 20 equal annual deposits of $2,000 each into a bank account earning 3% interest per year. The first deposit will be made one year from today. How much money can be withdrawn from this account immediately after the 20th deposit?
2. An APR of 3.75% produces an effective annual interest rate of 3.82% What is the compounding frequency (M) in this situation?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.