Mel and Les are both age 70. When Mel was 23 years old, Mel began depositing $120 per month into a savings account. Mel made these deposits for the first 10 years at which point Mel was forced to stop making deposits. However, Mel left the money in the account where it continued to earn interest. Les didn’t start saving until Les was 45 years old, but between age 45 and age 70 has made deposits of $120 each month into a savings account. Assume that both peoples’ accounts earned an average APR of 5% (compounded monthly).

Answer the following questions:

a. How much money is in Mel’s savings account at age 70?

b. How much money is in Les’s savings account at age 70?

c. How much money did Mel deposit?

d. How much money did Les deposit?

e. Mel’s account balance at age 70 is ___percent more than Mel’s total deposits.

f. Les’s account balance at age 70 is ___percent more than Les’s total deposits.