Problem
An individual saves $1000 in a bank account at the beginning of each year. The bank offers a return of 8% compounded annually.
(a) Determine the amount saved after 10 years.
(b) After how many years does the amount saved first exceed $20 000?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.