Assume that you save 1 penny a day for 50 years that you, Business Economics

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Assume that you save 1 penny a day for 50 years that you

Contributed by Hamed Kashani, Saeid Sadri, and Baabak Ashuri, Georgia Institute of Technology

Assume that you save 1 penny a day for 50 years, that you deposit it in the bank at the end of each month, and that there are 30.5 days per month (you save 30.5 cents each month). How much do you have after 50 years, if:

(a) The bank does not pay any interest.

(b) The bank pays 2% per month interest.

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