Brenda plans to reduce her spending by $55 a month. What would be the future value of this reduced spending over the next 12 years? (Assume an annual deposit to her savings account, and an annual interest rate of 6 percent.)
If she will save 55 per month, in a year she will save the quantity of 55 X 12 = $660. Bearing this into mind, over the next two years, she will save the quantity of 660 X 12 = $7920
