John already has $42.700 today in his savings account earning 4.2% compounded semiannually. The account will...

 

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John already has $42.700 today in his savings account earning 4.2% compounded semiannually. The account will receive automatic quarterly contributions of $1,010 for the next 10 years. In 2.5 years from now. John will also deposit a lump sum of $3,810 to the account. a) How much will be in the account right after the lump deposit? N = PV- PMT- FV- Balance after the lump deposit W b) How much will be in the account in 10 years from now? N= Balance John already has $42.700 today in his savings account earning 4.2% compounded semiannually. The account will receive automatic quarterly contributions of $1,010 for the next 10 years. In 2.5 years from now. John will also deposit a lump sum of $3,810 to the account. a) How much will be in the account right after the lump deposit? N = PV- PMT- FV- Balance after the lump deposit W b) How much will be in the account in 10 years from now? N= Balance

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To solve this problem we can break it down into two parts the calculation of the account balance aft... View the full answer