At the end of each quarter, a 48-year-old individual puts $1100 in a retirement account that...

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At the end of each quarter, a 48-year-old individual puts $1100 in a retirement account that pays 9.6% interest compounded quarterly. (a) When the individual reaches age 60, what is the value of the account? (b) If no further deposits or withdrawals are made to the account, what is the value of the account when the individual reaches age 65? (a) Up to age 60, the individual's deposits form an because the deposits are made at the should be used. After age 60, the account to behave as an annuity and When the individual reaches age 60, the value of the account will be $ (Do not round until the final answer. Then round to the nearest cent as needed.). (b) When the individual reaches age 65, the value of the account will be $ (Do not round until the final answer. Then round to the nearest cent as needed.) of each period. Therefore, the formula formula should be used. At the end of each quarter, a 48-year-old individual puts $1100 in a retirement account that pays 9.6% interest compounded quarterly. (a) When the individual reaches age 60, what is the value of the account? (b) If no further deposits or withdrawals are made to the account, what is the value of the account when the individual reaches age 65? (a) Up to age 60, the individual's deposits form an because the deposits are made at the should be used. After age 60, the account to behave as an annuity and When the individual reaches age 60, the value of the account will be $ (Do not round until the final answer. Then round to the nearest cent as needed.). (b) When the individual reaches age 65, the value of the account will be $ (Do not round until the final answer. Then round to the nearest cent as needed.) of each period. Therefore, the formula formula should be used.

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we should use The person deposit lloo quately as av series of annuily of 4 ea... View the full answer