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6. At age 30, Dr. Smith begins depositing $1,500 at the end of every month into an account that earns 5.88% annual interest compounded monthly.
6. At age 30, Dr. Smith begins depositing $1,500 at the end of every month into an account that earns 5.88% annual interest compounded monthly. (a) (6 points) When Dr. Smith is 50 years old, immediately after making her 240th monthly deposit, what will be Dr. Smith's account balance? (b) (6 points) When Dr. Smith is 50 years old, immediately after making her 240th monthly deposit, she stops making deposits and starts making equal-sized repeated withdrawals at the end of each month for the next 20 years (240 withdrawals total). What size withdrawal can she plan to make each month so that her account balance is zero after her final (240th) withdrawal, when she is 70 years old? (c) (6 points) What is the total amount of interest that Dr. Smith earns by keeping her money in this account for 40 years as described?
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