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Business, 04.04.2020 08:33 shandrablue68681

Aaron’s plan is to put $100 at the beginning of each month into a savings account which pays 4.5% interest, compounded monthly. As usual, interest is paid at the end of each month on money which has been in the account all month; in other words, the first deposit does earn interest during the first month. If he starts saving $100 per month when he is 25, how much will he have in the account when he turns 70? [Assume that he makes 12 deposits when he is 25, another 12 when he is 26, etc., but no more deposits once he is 70.]

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