Question: Cam saved $250 each month for the past five years while he was working. Since he has now gone back to school, his income is

Cam saved $250 each month for the past five years while he was working. Since he has now gone back to school, his income is lower and he cannot continue to save this amount during the time he is studying. He plans to continue with his studies for four years and not withdraw any money from his savings account. Money is worth 4.5% compounded monthly.
(a) How much will Cam have in total in his savings account when he finishes his studies?
(b) How much did he contribute?
(c) How much will be interest?

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a After five years PMT 25000 i 03750 n 60 Amount four years later PV 16 786... View full answer

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