Question

Assume you deposited $200 into your bank account at the end of each month for 8 months, the account pays 2.95% per annum, compounded monthly. a) How much is in your account at the end of the 8 months. b) If the amount deposited each month were doubled, how much would be in your account at the end of the 8 months?

Fig: 1

Fig: 2

Fig: 3