Ruben invested $1500 per year in an IRA each year for 6 years earning 5% compounded annually. At the end of 6 years he ceased the IRA payments, but continued to invest his accumulated amount at 5% compounded annually for the next 3 years. a) What was the value of his IRA at the end of 6 years? Answer = $ b) What was the value of the investment at the end of the next 3 years? Answer = $
Ruben invested $1500 per year in an IRA each year for 6 years earning 5% compounded annually. At the end of 6 years he ceased the IRA payments, but continued to invest his accumulated amount at 5% compounded annually for the next 3 years. a) What was the value of his IRA at the end of 6 years? Answer = $ b) What was the value of the investment at the end of the next 3 years? Answer = $
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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) Ruben invested $1500 per year in an IRA each
year for 6 years earning 5% compounded annually.
At the end of 6 years he ceased the IRA payments, but continued
to invest his accumulated amount at 5% compounded annually
for the next 3 years.
a) What was the value of his IRA at the end of 6 years?
Answer = $
b) What was the value of the investment at the end of the next 3
years?
Answer = $
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