A person saves $200 in a bank account at the beginning of each month. The bank offers a return of 10% compounded monthly.

a) Determine the total amount saved after 12 months.

b) After how many months does the amount saved first exceed $3,000?

Problem 6: (20 points) A person saves $200 in a bank account at the beginning of each month. The bank offers a return of 10% compounded monthly. a. Determine the total amount saved afer 12 months. b. After how many months does the amount saved first exceed $3000