Jones plans to deposit $500 at the end of each month for 10 years at 12% annual interest, compounded monthly. The amount that will be available in 2 years is closest to:

How much would your parents have to deposit each month into an account that grows at a rate of 11% per year compounded quarterly if they want to have $62,000 at the end of year 3 to cover part of your college expenses? Assume no interperiod compounding. Parents have to deposit $ each month.

Jack Townsend is a soda pop “addict” and wonders how much money he could accumulate if he stopped drinking soda pop and deposited the $90 per month he spends on the stuff into a savings plan.  If Jack is 20 years old, what amount should he have at retirement, 50 years from now, if he deposited $90 at the end of each month and his savings plan earned 6.75% compounded monthly?

Susie Jones is a soda pop “addict” and wonders how much money she could accumulate if she stopped drinking soda pop and deposited the $100 per month she spends on the stuff into a savings plan.  If Susie is 18 years old, what amount should she have at retirement, 52 years from now, if she deposited $100 at the end of each month and her savings plan earned 6.75% compounded monthly?