Problem
Hazel plans to take a three-year college program. She estimates she will need $15000 per year for each of the three years. Currently, her savings are in an account paying 2.75% per year compounded monthly.
1. What is the minimum amount Hazel will need in her account when she starts college so she can graduate without debt?
2. Hazel currently has no savings. If she starts college in two years, how much does she need to deposit in her account each week to meet her goal? Show your TVM Calculator work.
3. How much money will Hazel deposit into her account in total?
4. How much interest will she earn on her savings?