Brooklyn deposits $550 per quarter into her nest egg account. The account earns interest at the...

 

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Brooklyn deposits $550 per quarter into her nest egg account. The account earns interest at the APR of 3.5% compounded quarterly. Right after Brooklyn makes her 8th deposit, she loses her job and cannot make any deposits. a) How much is in the account at this time? For the next 3 years Brooklyn keeps the money in the account to continue to gain interest. Eventually Brooklyn gets another job and again begins making deposits of $610 per quarter but opens a new account with the same rate. Her first $610 deposit comes exactly 12 quarters after her last $550 deposit. b) If the original account is still earning interest during the time with no deposits and during the time after the new deposits are made in the new account, how much will be in the original account after she has made her 8th $610 deposit? Hint: The time for this part will need to be a combined time of no deposits and the time with the new deposits. c) How much will be in the new account with the new deposit? d) How much in total does Brooklyn have? e) How much insterest was earned overall? nd answers here: Choose File No file chosen 12d Brooklyn deposits $550 per quarter into her nest egg account. The account earns interest at the APR of 3.5% compounded quarterly. Right after Brooklyn makes her 8th deposit, she loses her job and cannot make any deposits. a) How much is in the account at this time? For the next 3 years Brooklyn keeps the money in the account to continue to gain interest. Eventually Brooklyn gets another job and again begins making deposits of $610 per quarter but opens a new account with the same rate. Her first $610 deposit comes exactly 12 quarters after her last $550 deposit. b) If the original account is still earning interest during the time with no deposits and during the time after the new deposits are made in the new account, how much will be in the original account after she has made her 8th $610 deposit? Hint: The time for this part will need to be a combined time of no deposits and the time with the new deposits. c) How much will be in the new account with the new deposit? d) How much in total does Brooklyn have? e) How much insterest was earned overall? nd answers here: Choose File No file chosen 12d Brooklyn deposits $550 per quarter into her nest egg account. The account earns interest at the APR of 3.5% compounded quarterly. Right after Brooklyn makes her 8th deposit, she loses her job and cannot make any deposits. a) How much is in the account at this time? For the next 3 years Brooklyn keeps the money in the account to continue to gain interest. Eventually Brooklyn gets another job and again begins making deposits of $610 per quarter but opens a new account with the same rate. Her first $610 deposit comes exactly 12 quarters after her last $550 deposit. b) If the original account is still earning interest during the time with no deposits and during the time after the new deposits are made in the new account, how much will be in the original account after she has made her 8th $610 deposit? Hint: The time for this part will need to be a combined time of no deposits and the time with the new deposits. c) How much will be in the new account with the new deposit? d) How much in total does Brooklyn have? e) How much insterest was earned overall? nd answers here: Choose File No file chosen 12d

Answer rating: 100% (QA)

a To calculate the amount in the account at the time right after Brooklyn makes her 8th deposit we can use the formula for compound interest A P1 rnnt ... View the full answer