How much money has accrued in the account at the end of the 14 years? (Round your answer to the nearest cent.) $ If the accrued amount remains in the plan for the next 15 years without deposits or withdrawals, how much money will be in the account 29 years after the plan began? (Round your answer to the nearest cent.)
How much money has accrued in the account at the end of the 14 years? (Round your answer to the nearest cent.) $ If the accrued amount remains in the plan for the next 15 years without deposits or withdrawals, how much money will be in the account 29 years after the plan began? (Round your answer to the nearest cent.)
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 16PROB
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Question
Suppose a recent college graduate's first job allows her to deposit $250 at the end of each month in a savings plan that earns 9%, compounded monthly. This savings plan continues for 14 years before new obligations make it impossible to continue.
How much money has accrued in the account at the end of the 14 years? (Round your answer to the nearest cent.)
$
If the accrued amount remains in the plan for the next 15 years without deposits or withdrawals, how much money will be in the account 29 years after the plan began? (Round your answer to the nearest cent.)
$
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