A worker deposits $500 at the beginning of each quarter into an account that earns 5% compounded quarterly. The total interest earned at the end of 30 years is . (Round answer to the nearest whole number. No comma or space. Do not write the $ sign.)

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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A worker deposits $500 at the beginning of each quarter into an account that earns
5% compounded quarterly.
The total interest earned at the end of 30 years is
. (Round answer to the nearest whole number. No comma or
space. Do not write the $ sign.)
Transcribed Image Text:A worker deposits $500 at the beginning of each quarter into an account that earns 5% compounded quarterly. The total interest earned at the end of 30 years is . (Round answer to the nearest whole number. No comma or space. Do not write the $ sign.)
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