A 40 year old woman puts $1500 in a retirement account at the end of each quarter through 20 years then stops making further deposits. She keeps money in her account for the next 5 years. How much will she have in her account when she retires at the age of 65 if the bank pays interest at 6.4% compounded quarterly? SOLVE WITHOUT A SPREADSHEET. written out by hand.
A 40 year old woman puts $1500 in a retirement account at the end of each quarter through 20 years then stops making further deposits. She keeps money in her account for the next 5 years. How much will she have in her account when she retires at the age of 65 if the bank pays interest at 6.4% compounded quarterly? SOLVE WITHOUT A SPREADSHEET. written out by hand.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 31P
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A 40 year old woman puts $1500 in a retirement account at the end of each quarter through 20 years then stops making further deposits. She keeps money in her account for the next 5 years. How much will she have in her account when she retires at the age of 65 if the bank pays interest at 6.4% compounded quarterly?
SOLVE WITHOUT A SPREADSHEET. written out by hand.
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