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Maria and John decide to save for retirement with an annuity.

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Maria and John decide to save for retirement with an annuity.
Answer each of the following questions separately, showing all your work to reach each answer.

a. Maria has found an annuity that pays 2% compounded monthly. If they made a deposit of $200 each month, what would be the total value of this annuity at the end of 30 years if interest rate remains the same?

b. John has found an annuity that pays 2.5% compounded semi-annually. If they made a deposit of $1000 every six months, what would be the total value of this annuity at the end of 30 years if interest rate remains the same?

 
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