Question 2
Kenny is planning for retirement in 20 years. Currently, he has
$300,000 in a savings account and $600,000 in a mutual fund.
Moreover, he plans to add to his savings by depositing $3,000 per
month in his savings account at the beginning of each month for the
next twenty years until retirement. The savings account will return
5% APR compounded monthly and the investment in the mutual fund
will return 8% compounded annually.
(a) How much money will...