Calculating the amount of compound interest

Reference no: EM1315773

Question: Albert makes a one-time deposit of USD 5000 into a savings account at 6% interest compounded monthly.

Barbara deposits USD 100 into a savings account at the end of every month for five years at 6% interest compounded monthly.

[A] How much will Albert have in the account at the end of 5 years? Show your work.

[B] Who will have more money in his/her account at the end of 5 years?

[C] How much will Barbara have in the account at the end of five years? Show your work.

[D] How much has each person earned in total interest, at the end of five years? Who earned more in total interest? Show your work.

Reference no: EM1315773

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