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?

  • CreatedSeptember 11, 2015
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