Problem:
On her 35th birthday, Sheila makes her first monthly deposit of $300 into an employee retirement savings plan account earning 6.6% interest compounded monthly. She continues to make a monthly deposit of $300 until her 60th birthday (300 deposits in all). With no additional deposits after turning 60, the money in Sheila's savings plan continues to earn 6.6% interest compounded monthly until she retires six full years later.
Question: How much money is in Sheila's saving plan account when she retires? Show all work and please provide all calculations and formulas.