Question: A small business owner contributes $3000 at the end of each quarter to a retirement account that earns 8% compounded quarterly. (a) How long will

A small business owner contributes $3000 at the end of each quarter to a retirement account that earns 8% compounded quarterly.

(a) How long will it be until the account is worth $150,000?

(b) Suppose when the account reaches $150,000, the business owner increases the contributions to $5000 at the end of each quarter. What will the total value of the account be after 15 more years?

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