# You have decided to give up a $2-per-day coffee habit, and deposit the money that you saved

## Question:

You have decided to give up a $2-per-day coffee habit, and deposit the money that you saved at the end of every month into a Tax Free Savings Account (TFSA) that will earn 2.52% com-pounded monthly. For the purposes of this scenario, assume that each month has 30 days.

a. How much will you have altogether in the TFSA when you graduate from college in exactly three years from now?

b. How much of the total in Part (a) above is principal? How much is interest?

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**Related Book For**

## Fundamentals Of Business Mathematics In Canada

**ISBN:** 9781259370151

3rd Edition

**Authors:** F. Ernest Jerome, Jackie Shemko