5. Ben, who is 30 years old, deposits $300 each month into a retirement account that earns 5.25% compounded monthly. How much will he have when he turns 65?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...
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5. Ben, who is 30 years old, deposits $300 each month into a retirement account that earns 5.25%
compounded monthly. How much will he have when he turns 65?
6. Peggy made a down payment of $400 towards the purchase of new furniture. She secured a loan for
the remaining balance at 12% compounded monthly for 2 years.
the end of each month. Determine the purchase price of the furniture.
Her payments will be $75.32 at
A home-owners association expects to need $120 .000 in 3 vears to repaint the exterior of the condos
Transcribed Image Text:11 PM Tue Mar 2 4.203% 5. Ben, who is 30 years old, deposits $300 each month into a retirement account that earns 5.25% compounded monthly. How much will he have when he turns 65? 6. Peggy made a down payment of $400 towards the purchase of new furniture. She secured a loan for the remaining balance at 12% compounded monthly for 2 years. the end of each month. Determine the purchase price of the furniture. Her payments will be $75.32 at A home-owners association expects to need $120 .000 in 3 vears to repaint the exterior of the condos
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