A worker makes bi-weekly (i.e., once every two weeks) deposits of $50 to a back account that earns 3% interest compunded continueously. Assume 52 weeks in a year.
a. After 5 years, what amount of money can be withdrawn from the account?
b. What is the effective rate of interest for 5 year?
c. What is the nomial rate of interest for 5 year?