Problem
Many people get ready for retirement by depositing money into a monthly or annual savings plan.
a. If $300 per month is deposited in a bank account paying a 6% APR compounded monthly, how much will be accumulated in the account after 30 years?
b. If inflation is expected to average 2% per year into the foreseeable future, what is today's equivalent spending power for your answer to Part (a)?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.