1/ You deposit $3000 at the beginning of each year into an account earning 5% interest compounded annually. How much will you have in the account in 20 years?
2/Suppose you want to have $400,000 for retirement. Your account earns 7% interest compounded monthly. If you deposit $200 at the end of each month, how long will it take you to reach your goal? Round to the nearest year.
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