Suppose that you earned a bachelor's degree and now you're teachingmiddle school. The school district offers teachers the opportunity to take ayear off to earn a master's degree. To achieve this goal, you deposit $1500at the end of every 3 months in an annuity that pays 5.5 % compoundedquarteriy. (a) How much will you have saved at the end of 11 years? (b)Find the interest. (Round to the nearest dollar. For example, $247)10.

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Asked Oct 27, 2019
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Suppose that you earned a bachelor's degree and now you're teaching
middle school. The school district offers teachers the opportunity to take a
year off to earn a master's degree. To achieve this goal, you deposit $1500
at the end of every 3 months in an annuity that pays 5.5 % compounded
quarteriy. (a) How much will you have saved at the end of 11 years? (b)
Find the interest. (Round to the nearest dollar. For example, $247)
10.
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Suppose that you earned a bachelor's degree and now you're teaching middle school. The school district offers teachers the opportunity to take a year off to earn a master's degree. To achieve this goal, you deposit $1500 at the end of every 3 months in an annuity that pays 5.5 % compounded quarteriy. (a) How much will you have saved at the end of 11 years? (b) Find the interest. (Round to the nearest dollar. For example, $247) 10.

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Expert Answer

Step 1

To work out the amount and the (compound)  interest accrued , based on the given data

Step 2

Formula for the amount accrued by investment

A amount value of investment
P(1+y
P principal initial deposit
r=rate (as a percentage)
n = number of times compounded (in a year)
t = number of years
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A amount value of investment P(1+y P principal initial deposit r=rate (as a percentage) n = number of times compounded (in a year) t = number of years

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Step 3

Note that the number of deposits made = 44  , but for varying  values of nt = 44, 43,42,...1 (the first deposit for 11 years, the second for...

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