Question

In an effort to save money for early retirement, an environmental engineering colleague plans
to deposit $1500 every 3 months into a bank account. The first deposit will be made 3 months
from today and the last deposit will be made at year 10.
A) If the bank’s interest rate is 12% per year compounded continuously, how much will be in
the account at the end of 10 years? (12.5 points)
B) If the bank’s interest rate is still 12% per year but compounded monthly, how much will be
in the account at the end of 10 years? (12.5 points)

Answer 1

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