Your professor contributes $625 at the end of each month (including some matching funds from the college) to the CREF Stock Fund.

Please show your all work if possible and label the answer. Thank you.

4. (4%) Assume that the economy has gotten better by the end of the first 15 years and, from that time on, the fund returns 8.75%, compounded monthly. Since the professor's salary has risen over the first 15 years, he can now contribute $1000 per month. At the end of the next 15 years, what will be the total amount of money in the professor's account? Please clearly indicate the values on your TVM solver screen. N=0 I%=0 PMT=0 FV=0 PY=1 C/Y=1 PMT:ENL BEGIN