1) During your four years at college, you decide to work at part-time jobs and put...
1) During your four years at college, you decide to work at part-time jobs and put your earnings into an account to save for a one-year trip around the world after graduation. In your freshman and sophomore years (for the first two years), you are able to deposit $100 at the end of every month into this account. In the junior and senior years (last two years), you are able to deposit $500 at the end of every month. How much money would you see in your account when you graduate at the end of four years if the account earns 12% annual interest, compounded monthly?
Homework Answers
The account balance is calculated below:
The money in account after 4 years is $16,911.64.
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