Question: Answer question 2. Question 1 is provided for context 1. Elizabeth puts $50 into a back account at the end of each month starting July

Answer question 2. Question 1 is provided for context

1. Elizabeth puts $50 into a back account at the end of each month starting July 31, 2023. The account earns interest at a nominal annual rate of 6% compounded monthly, with interest paid into the account on the last day of each month. What will the account balance be on December 31, 2025?

2. If, in Problem 1 above, Elizabeth continues making payments, but the nominal annual interest rate changes to 7.5% (still compounded monthly) on January 1, 2027, what will be the balance in the account on December 31, 2029?

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