Diane works at a public university. She contributes $625 at the end of each month to her retirement fund. For the past 10 years this fund has returned 3.84% a year compounded monthly. a. Assuming the 3.84% rate continues how much will she have in her retirement account after 15 years? b. Assume the economy has gotten better and that the fund now has a return of 7.72% compounded monthly. Since Dianes salary has risen over the first 15 years she can now contribute $1000 per month. At the end of the next 15 years how much is her account worth?
