Suppose that before ATMs and credit cards, this person goes to the bank once at the beginning ofeach four day period and withdraws from her savings account all the money she needs for four days.Assume that she spends $4 per day.a. How much does this person withdraw each time she goes to the bank? Compute thisperson’s money holdings for days 1 through 4 (in the morning, before she spends any of themoney she withdraws).b. What is the amount of money this person holds, on average?Suppose now that with the advent of ATMs, this person withdraws money once every two days.c. Recompute your answer to part (a).d. Recompute your answer to part (b).Finally, with the advent of credit cards, this person pays for all her purchases using her card. Shewithdraws no money until the fourth day, when she withdraws the whole amount necessary topay for her credit and purchases over the previous for days.e. Recompute your answer to part (a).f. Recompute your answer to part (b).g. Based on your previous answers, what do you think has been the effect of ATMs and creditcards on money demand?