The manager of a company is planning to invest $90,000 at the end of 5 years from now to start his new business.

The manager of a company is planning to invest $90,000 at the end of 5 years from now to start his new business. He has decided to save money by depositing $15,000 at the end of each year into a bank account that pays interest at 12% compounding quarterly. If there is no withdrawal, find:

(a) the amount of money the manager will get from this bank account at the end of 5 years = [savings] 

(b) the effective annual rate = [EAR]