QUESTION

Albert makes a one-time deposit of $9,000 in a savings account at 6.9% annual interest compounded monthly. Betty deposits$150 into a savings account...

Albert makes a one-time deposit of $9,000 in a savings account at 6.9% annual interest compounded monthly. Betty deposits$150 into a savings account at the end of every month for 7 years at 6.9% annual interest compounded monthly.

(a) How much will Albert have in his account at the end of seven years? Show work.

(b) How much will Betty have in her account at the end of seven years? Show work.

(c) Who has more money in his/her account at the end of seven years and by how much, Albert or Betty?

(d) How much has each person earned in total interest, at the end of seven years? Who earned more in total interest and by how much? Show work.