Suppose a young couple deposits $900 at the end of each quarter in an account that earns 6.2%, compounded quarterly, for a period of 9 years. How much is in the account after the 9 years? (Round your answer to the nearest cent.) $ After the 9 years, they start a family and find they can contribute only $200 per quarter. If they leave the money from the first 9 years in the account and continue to contribute $200 at the end of each quarter for the next 18 1/2 years, how much will they have in the account (to help with their child's college expenses)? (Round your answer to the nearest cent.) $
Suppose a young couple deposits $900 at the end of each quarter in an account that earns 6.2%, compounded quarterly, for a period of 9 years. How much is in the account after the 9 years? (Round your answer to the nearest cent.) $ After the 9 years, they start a family and find they can contribute only $200 per quarter. If they leave the money from the first 9 years in the account and continue to contribute $200 at the end of each quarter for the next 18 1/2 years, how much will they have in the account (to help with their child's college expenses)? (Round your answer to the nearest cent.) $
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 16PROB
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Suppose a young couple deposits $900 at the end of each quarter in an account that earns 6.2%, compounded quarterly, for a period of 9 years. How much is in the account after the 9 years? (Round your answer to the nearest cent.)
$
After the 9 years, they start a family and find they can contribute only $200 per quarter. If they leave the money from the first 9 years in the account and continue to contribute $200 at the end of each quarter for the next
18 1/2 years,
how much will they have in the account (to help with their child's college expenses)? (Round your answer to the nearest cent.)$
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