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 work if possible and label answer. Thank you.

3. (6%) Assuming that the fund returns 5.25% a year, compounded monthly, how much will the professor have in his account after 15 years? Please clearly indicate the values on your TVM solver screen. NEO I%=0 PV=0 PMT=0 FU=0 PY=1 C/V=1 PMT:ENK BEGIN