Your grandparents started putting money away for you when you were born. If they put $$100$ each month into an account earning $3\%$ compounded monthly, how much will be in the account when you turn $18?$

If you put $$50$ into an annuity each month and the account earns $2\mathrm{.}75\%$ interest compounded monthly, how much will you have in $5$ years? How much of it is interest?

Payout Annuities Problems

$7.$ You want to be able to withdraw $$30,000$ each year for $25$ years. Your account earns $8\%$ interest.

a$.$ How much do you need in your account at the beginning?

b$.$ How much total money will you pull out of the account?

c$.$ How much of that money is interest?