Frederick is saving for a car he is planning to buy in 3 years. He currently does not have any money saved but he has a plan to save $400 each month.

If Frederick puts the money in the piggy bank he keeps on his dresser, how much will he have at the end of 1 year?

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How much will he have at the end of2 years?

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How much will he have at the end of 3 years?

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If Frederick invests the money with a growth rate of 4.5% annually (compounded monthly), how much will he have at the end of 1 year?

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How much will he have at the end of2 years?

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How much will he have at the end of 3 years?

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