Mr Miser,who Is 35 Years Old,has Just Inherited $11,000 and Decides

Essay

Mr. Miser,who is 35 years old,has just inherited $11,000 and decides to use the windfall towards his retirement. He places the money in a bank which promises a return of 6% per year until his planned retirement in 30 years. If his funds earn 6% interest compounded annually,how much will he have at retirement?
Repeat the analysis for both semi-annual and continuous compounding.