Question: Answer a and b 1. Mario deposits $25 each month for 4 years into an account that pays 9.6% /a compounded monthly. a) What is

Answer a and b

1. Mario deposits $25 each month for 4 years into an account that pays 9.6% /a compounded monthly. a) What is the amount in his account? [ 5 marks ] b) Mario makes no further deposits and no withdrawals. Determine the balance 10 years after his last deposit, if the account continues to pay 9.6% /a compounded monthly. [ 3 marks ]

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