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# $ 5 , 5 0 0 is deposited in an account with 3 . 5 % interest and is compounded daily. How long will it

$$5,500$ is deposited in an account with $3\mathrm{.}5\%$ interest and is compounded daily.

How long will it take that investment to grow to $$12,000\text{}?$ Calculations should

be rounded to at least $8$th decimal place. Final answer rounded to two decimal

places.

Your retirement account has a starting value of $$30,000$ in it and earns $4\mathrm{.}5\%$

interest per year compounded monthly. At the end of every month for the

next $12$ years you will deposit money into the account. How much must you

deposit each month in order to accumulate a total of $$150,000\text{}?$ You may use

TVM solver but show set up$.$

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