Question
2. Leo made deposits of $25 at the end of every month for 10 years in a savings account paying 3.5% compounded monthly. He plans
2. Leo made deposits of $25 at the end of every month for 10 years in a savings account paying 3.5% compounded monthly. He plans on leaving his savings in the account for another 5 years. Assuming that the interest rate in his savings account is fixed during the entire time period, a. How much would Leo have in his account at the end of the 15 years? b. How much would Leo have actually contributed to his savings over the 15 years?
b. How much would Leo have actually contributed to his savings over the 15 years? c. What would be the total interest earned on this investment?
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