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Show your steps clearly. Write your justification as to why you will be using the formulas in
each step. It is due Dec. 14, 2018.

  1. Dan Hook deposits $400 a month to a retirement account that has interest rate of 3.1%,
    compounded monthly. After making 60 deposits, Dan changes his job and stops making
    payments for 3 years. After 3 years, he starts making deposits again, but now he deposits $525
    monthly. What will the total value of the retirement accounts be
    a. After Dan makes his $400 monthly deposit for five years?
    b. Eight years after his first deposit of $400?
    c. After Dan makes his $525 monthly deposits for 5 years?

Sample Solution