1 i) You open an account that earns 12% interest and start saving $1000 at the end of this year. You

1 i) You open an account that earns 12% interest and start saving $1000 at the end of this year. You have the option increase your saving by 5% each year, or keep your contribution constant each year. If you do not increase your savings by 5%, how much less will you have in your account after 15 years than if you increased your contributions? Round your answer to the nearest dollar.ii) What would happen if interest rates were negative?A) You would have an error        B)Present value would be smaller than future valueC) Present value would be greater than future valueD) Money would be very expensiveiii)