1.A person deposits $300 at the end of each month in an account which earns 12.25% compounded monthly for 13 years. The person then stops making the deposits, but allows the money to remain in the bank earning the same interest for 7 more years.

a. Find the value of this account at the end of 20 years.

b. State the total amount of interest earned on this account.

2. On your birthday, when you turned 22, $23700 was deposited in an account which earns 7.25% compounded annually. a. How much can you withdraw annually for 18 years if the first withdrawal is made on the day you become 47? b. State the total amount of interest earned on this account.

3.On June 1, 2020, a person needs $16950. The person will make equal monthly deposits to an account which earns 7% compounded monthly. If the first deposit is made on June 1, 2010 and the last deposit is made on May 1, 2020, find the size of the required monthly deposits (rounded up to the next cent) in order to have the $16950 on June 1, 2020.

4. An item costs $8200. It can be purchased by making monthly payments for 2 years with the first payment made immediately. If the interest charged is 14% compounded monthly, find the size of the monthly payments rounded up to the next cent.