4) Three years from now, Mr. Dela Cruz wants to start a business. In order to do that, he estimated that he needs initial capital of Php100,000. He can deposit an amount today in one of the following accounts: Account #1: offers 1.5% annual compound interest rate Account #2; offers a 1.4% annual interest rate compounded quarterly Account #3: offers a 1.1% annual interest rate compounded monthly Hint: Use the formula P- for annually for quarterly and monthly where m stands for the number of months (1+r) Which of the accounts will require the least deposit?

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