Suppose you invest $130 a month for 5 years into an account earning 8% compounded monthly. After 5 years, you leave the money, without making additional deposits, in the account for another 29 years. How much will you have in the end?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 30RE: The twins Sarah and Scott both opened retirement accounts on their 2lst birthday. Sarah deposits...
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Suppose you invest $130 a month for 5 years into an account earning 8% compounded monthly. After 5
years, you leave the money, without making additional deposits, in the account for another 29 years. How
much will you have in the end?
Suppose instead you didn't invest anything for the first 5 years, then deposited $130 a month for 29 years
into an account earning 8% compounded monthly. How much will you have in the end?
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Transcribed Image Text:Suppose you invest $130 a month for 5 years into an account earning 8% compounded monthly. After 5 years, you leave the money, without making additional deposits, in the account for another 29 years. How much will you have in the end? Suppose instead you didn't invest anything for the first 5 years, then deposited $130 a month for 29 years into an account earning 8% compounded monthly. How much will you have in the end? Question Help: D Video Submit Question
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