For the following,

round to the nearest dollar.

6.

A young person is deciding whether to start investing now or wait. After all, he

is young, has many expenses like cars and a house, and wants to enjoy his

money while being young.

a.

If interest is

5.8% compounded monthly, how much money will the

investor have if he invests $600 per month for 40 years? How much of

that money comes from interest?

b.

If the interest is kept at 5.8% compounded monthly, how much money

will the investor have if he puts aside

$1200 per month for 20 years?

How much of that money will be interest