a. Markus spends $60 per month on cigarettes. Suppose he quits smoking and invests the same amount at the end of each month for 20 years. If the invested money earns 7.5% compounded monthly, how much will Markus accumulate after 20 years?

b. Brenda and Tom want to save $30,000 over the next four and a half years for a down payment on a condo. What amount must they regularly save from their month-end pay cheques if their savings can earn 5.5% compounded monthly?