Question: 3. A student begins saving for college by making regular monthly payments of $200.00 into an account that ear 5% per annum interest, compounded monthly.


3. A student begins saving for college by making regular monthly payments of $200.00 into an account that ear 5% per annum interest, compounded monthly. a) Determine the value of the annuity after four years. N= I%= PUN PMT= FUN PAY= CAY= PMT: ENL BEGIN b) If the amount of the payments was changed to $300.00, what would the future value after four years be? Determine this without the TVM Solver! c) Determine the amount of additional interest earned using $200.00 monthly payments with an interest rate of 8% per annum instead of 5% per annum. N= I%= PV= PMT= FU= PAY= C/Y= PMT:ENC BEGIN
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