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(Quantitative Question) A local bank is running the following advertisement in the newspaper: "For just...

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(Quantitative Question) A local bank is running the following advertisement in the newspaper: "For just $1000 we will pay you 5120 forevert" The fine print in the ad says that for a $1000 deposit, the bank will pay $120 every year in perpetuity, starting one year after the deposit is made a. What interest rate is the bank advertising (what is the rate of return of this investment)? (Round to 2 decimal places.) b. What is the interest rate if the first payments started two years after the deposit is made ? % (Round to 2 decimal places.) Write the answers to each of the two parts both in the spaces provided and on the empty pages on which you will also show your work (including timelines)

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