Need help with these! Please show your work! Thanks!????
1.I would like to place money into an account that pays 5% interest compounded monthly. If I put this money in the account the day my child is born, and I plan on giving $65,000 to my child on their 18th birthday for graduation how much must I put into that account on the day they are born?
2.Eli is a 22 year old college graduate he sets up an IRA with an APR of 6%. At the end of the each month he deposits $150.00 into the account. How much will the IRA be worth when he retires at age 65? How much of the IRA’s value if from his total deposits? How much of the IRA’s value is interest?