8) Suppose you deposit $5,000 into an account earning 4 percent interest, compounded monthly.
a) How many years will it take for your account to be worth $7,500?
N = 121.84, or 10.15 years.
b) Suppose in addition to the initial $5,000 deposit, you will make monthly contributions of $50. How
many years will it take for the account to grow to $7,500 in this case?
N = 35.39 or 2.95 years.
c) How does your answer change if you make quarterly deposits of $150 rather than monthly
contributions of $50? Explain the reason for any difference in your answer from part b. Maintain the
assumption that interest compounds monthly.
N = 11.83 or 2.96 years.

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