Question

Starting at age 50, a woman puts $1300 at the end of each quarter into a retirement account that pays 7% interest compounded quarterly. When she reaches age 60, she withdraws the entire amount and places it in a mutual fund account that pays 9% compounded monthly. From then on she deposits $200 in the same mutual fund at the end of each month. How much is in the account when she reaches age 65?

Answer #1

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(Round your answer to the...

A small business owner contributes $1000 at the end of each
quarter to a retirement account that earns 8% compounded
quarterly.
(a) How long will it be until the account is worth $150,000?
(Round your answer UP to the nearest quarter.)
I'm coming up with 70.0055 but the answer is
incorrect.
(b) Suppose when the account reaches $150,000, the business owner
increases the contributions to $5000 at the end of each quarter.
What will the total value of the account...

A small business owner contributes $3000 at the end of each
quarter to a retirement account that earns 8% compounded
quarterly.
(a) How long will it be until the account is worth $150,000?
(Round your answer UP to the nearest quarter.) THE ANSWER IS NOT
21
(b) Suppose when the account reaches $150,000, the business
owner increases the contributions to $8000 at the end of each
quarter. What will the total value of the account be after 15 more
years?...

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