Question: Mary would like to have a down payment for a home in 8 years. She opens a term deposit account that will provide her with

Mary would like to have a down payment for a home in 8 years. She opens a term deposit account that will provide her with 5.6% interest compounded monthly and invests $12,000. How much will she have in 8 years?

The owner of a small company is planning on updating her operation in 2 years. She deposits $20,000 into an account earning 6.75% compounded yearly. How much will be available to her in 2 years' time when she starts the updates?

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