Ava deposits 120 into a savings account at the end of every

Reference no: EM13600153

Ava deposits $120 into a savings account at the end of every month for 8 years at 6.3% annual interest compounded monthly. Burt makes a one-time deposit of $8,000 in a savings account at 6.3% annual interest compounded monthly.

(a) How much will Ava have in her account at the end of eight years? Show work.

(b) How much will Burt have in his account at the end of eight years? Show work.

(d) How much has each person earned in total interest, at the end of eight years? Who earned more in total interest?

Reference no: EM13600153

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