Future Value of Monthly Investments: (please show work)

6. Polly Pete is contributing $100 per month from her paycheck into her retirement account at work. She is earning 6% on the investment. If she plans to retire in 20 years, how much money will she have?

a. $46,204.09 b. $462,040.90 c. $24,000.00 d. $48,000.00

7. If Polly continues to invest her money in the retirement account for 40 years, how much MORE will she have at the 40 year mark than at the 20 year mark?

a. $199,149.07 b. $46,204.09 c. 152,944.98 d. $101,101.10