Question: Upon graduating from college 35 years ago Dr Nick Riviera

Upon graduating from college 35 years ago, Dr. Nick Riviera was already thinking of retirement. Since then he has made deposits into his 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% interest compounded quarterly.
a. How much has Nick accumulated in his retirement account?
b. In addition to all 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?

View Solution:


Sale on SolutionInn
Sales0
Views185
Comments
  • CreatedSeptember 11, 2015
  • Files Included
Post your question
5000