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Problem 5-57 (similar to) (Complex annuity) Upon graduating from college 40 years ago, Dr. Nick Riviera...
Problem 5-57 (similar to)
(Complex annuity) Upon graduating from college 40 years ago, Dr. Nick Riviera was already thinking of retirement. Since then he has made deposits into his retirement fund on a weekly basis in the amount of $40 . Nick has just completed his final payment and is at last ready to retire. His retirement fund has earned 9.1 % interest compounded weekly.
a. Since graduating from college 40 years ago, Dr. Nick Riviera
has made deposits into his retirement fund on a
weekly basis in the amount of $40. If his retirement fund has
earned 9.1 % interest compounded weekly, how much has Nick
accumulated in his retirement account?
b. In addition to all this, 20 years ago, Nick received an inheritance check for $25,000 from his beloved uncle. He decided to deposit the entire amount into his retirement fund. What is his current balance in the fund?
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