Solved: A family sets up a savings fund which pays 40 interest, Microeconomics

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A family sets up a savings fund which pays 40 interest

1. A family pays $250 a month to a savings fund that pays 3.45 % interest com- pounded monthly. How much money will they have after 12 years?

2. A family sets up a savings fund which pays 4.0 % interest compounded monthly. They contribute $350 a month to this fund. What is the value of the fund after 15 years?

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Microeconomics: A family sets up a savings fund which pays 40 interest

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