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In an effort to save money for early retirement, an environmental engineering colleague plans to deposit $2000 every 3 months into a bank account. The
In an effort to save money for early retirement, an environmental engineering colleague plans to deposit $2000 every 3 months into a bank account. The first deposit will be made 3 months from today and the last deposit will be made at year 10. A) If the bank's interest rate is 14% per year compounded continuously, how much will be in the account at the end of 10 years? (12.5 points) B) If the bank's interest rate is still 14% per year but compounded monthly, how much will be in the account at the end of 10 years? (12.5 points)
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