Assume that the e-trade baby opened an investment account when he turned 2 (i.e., he made his first deposit into the account on his second birthday). His deposit on that day was for $50,000 (this was his royalty check from one of his commericials). Assume that he continued making deposits into the account every month (his first monthly deposit was exactly one month after he made his initial $50,000 deposit) for the next 35 months (thus, his last deposit is made on this 5th birthday). The amount of these monthly deposits was $2500 per month. If the interest rate that he earns on his account is 6.5% p.a., but with monthly compounding, how much money will be in his account when he turns 55 years old (that is, exactly 50 years after he makes his last monthly deposit into the account)?

Correct answer: 3,310,954.98

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