Alexi made monthly contributions of $450 to his retirement account that earns interest at a rate of 5%/year compounded monthly for 25 years. At the age of 50 he needed to stop contributions to help his parents financially. He made no additional contributions and no withdrawals for the next 15 years, but the money in the account continued to earn interest. How much money is in his account when he turns 65? Use units and context in your answer, round to two decimal places.
Alexi made monthly contributions of $450 to his retirement account that earns interest at a rate of 5%/year compounded monthly for 25 years. At the age of 50 he needed to stop contributions to help his parents financially. He made no additional contributions and no withdrawals for the next 15 years, but the money in the account continued to earn interest. How much money is in his account when he turns 65? Use units and context in your answer, round to two decimal places.
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 15PT: Rachael deposits $3,600 into a retirement fund each year. The fund earns 7.5% annual interest,...
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