As part of your retirement plan, you have decided to deposit $6,000 at the beginning of each year into an account paying 5% interest compounded annually. (Round your answers to the nearest cent.)

(a)

How much (in $) would the account be worth after 10 years?

$

(b)

How much (in $) would the account be worth after 20 years?

$

(c)

When you retire in 30 years, what will be the total worth (in $) of the account?

$

(d)

If you found a bank that paid 6% interest compounded annually rather than 5%, how much (in $) would you have in the account after 30 years?

$

(e)

Use the future value of an annuity due formula to calculate how much (in $) you would have in the account after 30 years if the bank in part (d) switched from annual compounding to monthly compounding and you deposited $500 at the beginning of each month instead of $6,000 at the beginning of each year.

$