In: Finance
You decided to quit smoking today.
Now that you are going to save 200
€/month, you decided to save those 200€ per month in a bank account
that offers a 3% interest rate compounded monthly, till the day you
retire (that is to say, in 20 years). Please answer the following
questions:
If you decide to do your deposits at the beginning of every month
(so your first deposit will be done today) in a bank account that
offers a 3% interest rate compounded monthly, and you continue
doing so till the day you retire (that is to say, in 20 years):