Answer:
The amount in his account is $199,149.07
Explanation:
The computation of the amount in his account is shown below:
= {Compounding period × per month amount × {(1 + rate of interest ÷ Compounding period)^Compounding period × years - 1}} ÷ { rate of interest}
= {12 × $100 × {(1 + 0.06 ÷ 12)^12 × 40 - 1}} ÷ {0.06}
= $199,149.07
Years should be
= 65 - 25
= 40
Hence, the amount in his account is $199,149.07
