1. raul is a saver. he sets aside $100 per month during his career of 40 years to prepare for a comfortable retirement. he does not like the idea of investing so he puts his money in a savings account which earns 2% interest per year compounded monthly. what is the balance of his retirement account after 40 years? note: he does not put in a base amount, only the 100 regular monthly payment.

2. pamela is also a saver. she sets aside $150 per month during her 40-year career. she earns 1% interest compounded quarterly. how much is her retirement account worth at the end of 40 years?

3. isaiah reads articles about the insufficient savings of those in retirement and decides he needs to start saving now, even though he’s in his 50s. he saves $200 per month for 15 years and earns 3% annually. what is the value of his retirement account after 15 years?

4. if you start saving for college now by putting $500 initial amount in an account that pays 2.5% interest compounded annually and then deposit $30 each month after you open the account, how much money will be in the account after 4 years?