Abigail is saving to buy a car in 5 years when she graduates from college. She finds an account that pays an APR of 5.7% compounded monthly.

Abigail is saving to buy a car in 5 years when she graduates from college. She finds an account that pays an APR of 5.7% compounded monthly.

If she deposits $3000 right now, how much will she have in five years?

What if instead of investing one amount at the beginning she invests $60 each month. How much will she have in five years?
What is the APY on 5.7% compounded monthly?

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Expert Solution

jeff jeffy answered 2 years ago

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