Questions 2 & 3

2. Tom deposits $25,000 in a savings deposit paying 5%, compounded monthly. What amount would he have at the end of six years? What if interest is compounded quarterly? (2.5 points) 3.John would like to accumulate $100,000 by the time his son starts college in ten years. What amount would he need to deposit now in a deposit account earning 5%, compounded yearly, to accumulate his savings goal? What if interest is compounded semiannually? (2.5 points)