2) A man is offered two proposals to invest his money. The first offer is to invest $ 20,000 in the bank for 10 years with 8% compounded annually for the next 5 years and 10% compounded annually...

Extracted text: 2) A man is offered two proposals to invest his money. The first offer is to invest $ 20,000 in the bank for 10 years with 8% compounded annually for the next 5 years and 10% compounded annually thereafter. The second offer is to purchase a 11%, $ 18,000 with bond maturing in 10 years which is offered for 20,000. Which proposal should he choose ? and why?