Michelle is attending college and has a part-time job. Once she finishes college, Michelle would like to relocate to a metropolitan area. She wants to build her savings so that she will have a "nest egg" to start her off. Michelle works out her budget and decides she can afford to set aside

$50

per month for savings. Her bank will pay her

3%

per year, compoun

Future Value of Annuity.Michelle is attending college and has a part-time job. Once she finishes college, Michelle would like to relocate to a metropolitan area. She wants to build her savings so that she will have a "nest egg" to start her off. Michelle works out her budget and decides she can afford to set aside

$50

per month for savings. Her bank will pay her

3%

per year, compounded monthly, on her savings account. What will be Michelle's balance be in five years