Question
Stan only has 1212 years until he retires. He is going to deposit money into an account with 3.6%3.6% interest, compounded monthly. For each question
Stan only has 1212 years until he retires. He is going to deposit money into an account with 3.6\%3.6% interest, compounded monthly.
For each question round your final answer to the nearest cent. Assume the interest rate stays the same while the account is open. Also, assume Stan does not have any other money in this account.
How much will be in the account if he deposits the same \$50.00$50.00 each month?
How much will be in the account if he deposits \$100.00$100.00 each month?
How much will be in the account if he deposits \$150.00$150.00 each month?
How does doubling or tripling his payment impact his ending account balance?
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