Assume that the annual interest rate is 3% (that is, .03).At the end of each month Dr M is disciplined and deposits $50 into a monthly compound interest account. How much is in the account once 30 years have passed?Show formula and indicate whether we're looking for increasing annuity, decreasing annuity, simple interest or compounded interest to find the answer. Attched is the picture of the formulae.

SIMPLE INTEREST: F=P(1+rt) COMPOUND INTEREST: F=P(1+i)n INCREASING ANNUITY: F=(i1+i)n1 (R) DECREASING ANNUITY: P(1+i)=i(1+i)n1(R)