Two friends, Savvy Sally and Debtie Debbie, decide to make Saturday special and plan a fun family dinner twice a month Sally packs a picnic lunch and spends every other Saturday in the park; that night, she deposits $100 in an online mutual fund savings

account which pays 8% interest. Debbie takes her family out to eat every other Saturday and puts the charge of $100 on her credit card. Her credit card interest is 20%

based on her credit score rating of "Prime".

Part A: Based on the first scenario:

Answer the following question utilizing the Future Value of Annuity calculator:

If Sally's account compounds monthly, calculate how much Sally will have in her savings account:

1. In 10 years?

2. In 20 years

3. In 30 years?

4. In 40 years?