A small business owner contributes $3000 at the end of each quarter to a retirement account that

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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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a S 150000 R 3000 i 008 4 002 n use the formula 1 102 n 1 2 102n ln 2 n ln 102 b Treat this as ...View the full answer

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Mathematical Applications for the Management Life and Social Sciences

ISBN: 978-1305108042

11th edition

Authors: Ronald J. Harshbarger, James J. Reynolds

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Question Posted: Feb 09, 2018 05:37 AM

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A small business owner contributes $3000 at the end of each quarter to a retirement account that

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a S 150000 R 3000 i 008 4 002 n use the formula 1 102 n 1 2 102n ln 2 n ln 102 b Treat this as ...View the full answer

Mathematical Applications for the Management Life and Social Sciences

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