Question
1) Lauren plans to deposit $200 per month into an account at the end of each...
1) Lauren plans to deposit $200 per month into an account at the end of each month for the next 15 years. If her back pays interest at the rate of 2.5% per year compounded monthly, how much will Lauren have in her account at the end of 15 years?
2) Jim makes monthly payments of $800 into a retirement account for ten years. If the account pays 8% compounded monthly, how much will be in the account at the end of 10 year period.
Please list step by step so I can understand how to get the answer and list equations needed.
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Please print clearly. thanks!
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