3. Starting today, Armand deposits $100 in a savings account at the beginning of

$8,684.09

Explanation:

Basically we use the FV formula so that the future value could come and the calculation is shown in the attachment

Given that,  

Present value = $0

Rate of interest = 6%  ÷ 12 months = 0.5%

NPER = 6 years  × 12 months = 72 months

PMT = $100

The formula is shown below:

= -FV(Rate,NPER,PMT,PV,type)

So, after solving this, the future value is $8,684.09

E. above; surplus; downward

Explanation:

The options to this question wasn't provided. The full question can be found here : https://www.chegg.com/homework-help/questions-and-answers/price-equilibrium-price-would-expect-causing-market-put-pressure-price-went-back-equilibri-q29621799

When price is above equilibrium price, the quantity supplied exceeds quantity demanded. This leads to a surplus. This places a downward pressure on price. Price falls until equilibrium price is restored.

When price is below equilibrium price, the price of goods become cheaper. The quantity demanded increases while the quantity supplied falls. This leads to a shortage and places an upward pressure on price. Price rise until equilibrium price is reached .

I hope my answer helps you.