3. Mandy made monthly deposits of $300 into a savings account for two years.
The account provided her with an interest rate of 3.5% compounded
monthly. She then left her money in the account to grow at 2.5%
compounded quarterly for an additional three years. How much money is in
the account at the end of the five years? (5 marks)
Formulae:
f = (1 + i)" - 1
i
nm Xt
m