Question
You would like to save up to attend the 2022 Final Four to cheer on the Shockers. Youve found a remarkable local bank offering a
You would like to save up to attend the 2022 Final Four to cheer on the Shockers. Youve found a remarkable local bank offering a Final Four Savings Special that will pay 15 percent interest, compounded monthly.
a)If you save $200 per month into this account, how much will you have in your account after 12 months?
b)Youve decided you will need to save a total $4,500 to pay for this trip. If you deposit $200 per month into this account, how long will it take for you to reach this goal?
c)The 2022 Final Four is 16 months away. How much will you need to deposit each month into this in order to have $4,500 by that time?
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