Question

Upon graduating from college 35 years ago, Dr. Nick Riviera was already planning for his retirement. Since then, he has made deposits into a retirement fund on a quarterly basis in the amount of $300. Nick has just completed his final payment and is at last ready to retire. His retirement fund has earned 9 percent compounded quarterly.
a. How much has Nick accumulated in his retirement account?
b. In addition to this, 15 years ago Nick received an inheritance check for $20,000 from his beloved uncle. He decided to deposit the entire amount into his retirement fund. What is his current balance in the fund?



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  • CreatedOctober 31, 2014
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