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How much money does raul have when he is 60 years old

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1. Raul Gonzales, a 25-year-old professional, puts $750 in a retirement fund at the end of each quarter until he reaches age 60. The account pays 8% interest compounded quarterly. How much money does Raul have when he is 60 years old?

2. Katie Jones must pay a lump sum of $16,000 in 5 years. What amount deposited today at 3.2% compounded monthly will amount to $16,000 in 8 years? 

Reference no: EM131878111

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