Future value of twenty monthly deposits

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1. What is the future value of twenty monthly deposits that start at $37 but then increase by 5% a month in an account that earns 5% per month?

2. Suppose you have decided to do some savings. You will deposit $1000 this year into an account that earns 2% per year and increase the amount deposited each year by 20% in every year that follows. How much will you have in the account after 24 years?

Reference no: EM13777718

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