Question: Help with this question: A young person is deciding whether to start investing now or wait. After all, he is young, has many expenses like

Help with this question:

A young person is deciding whether to start investing now or wait. After all, he is young, has many expenses like cars and a house, and wants to enjoy his money while being young.

a. If interest is 5.8% compounded monthly, how much money will the investor have if he invests $600 per month for 40 years? How much of that money comes from interest?

b. If the interest is kept at 5.8% compounded monthly, how much money will the investor have if he puts aside $1200 per month for 20 years? How much of that money will be interest?

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