Question: 6. When Jess started working 30 years ago, she started making deposits of $250 each month into an investment account. The current value of the

6. When Jess started working 30 years ago, she started making deposits of $250 each month into an investment account. The current value of the account is $155,000.

a) How much did she invest altogether? b) What average annual interest rate, compounded monthly, did her investment earn over 30 years?

c) Instead of making monthly deposits, suppose that Jess had made a single deposit 30 years ago, at the same average annual interest rate and compounding frequency. How much would the deposit have had to be for it to grow to a current value of $155,000?

d) Which investment, the regular payment investment or the single payment investment, would have the greater rate of return? Explain.

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