
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN: 9780134463216
Author: Robert F. Blitzer
Publisher: PEARSON
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Cam saved $185 each month for the last six years while he was working. Since he has now gone back to school, his income is lower and he cannot continue to save this amount during the time he is studying. He plans to continue with his studies for three years and not withdraw any money from his savings account. Money is worth 4.5% compounded monthly.
(a) How much will Cam have in total in his savings account when he finishes his studies?
(b) How much did he contribute?
(c) How much will be interest?
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