In Exercises consider making monthly deposits of P dollars in a savings account at an annual interest rate r. Use the results of Exercise 84 to find the balance A after t years when the interest is compounded 

(a) Monthly 

(b) Continuously

Data from in Exercise 84

When an employee receives a paycheck at the end of each month, P dollars is invested in a retirement account. These deposits are made each month for t years and the account earns interest at the annual percentage rate r. When the interest is compounded monthly, the amount A in the account at the end of t years is

When the interest is compounded continuously, the amount A in the account after t years is

Verify the formulas for the sums given above.

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P = $45, r = 3%, t = 20 years