You have just finished school and started working full time, so you begin to invest 100 every month in securities. If your securities have an interest rate of 6% compounded semi-annually, how much will you investment be worth in 3 years. Solve by factor formula and table?

You desire to save 200,000 for retirement. You can afford to save 125 a month into a mutual fund that averages 7.75% compounded monthly. How many years will be needed to do this?