On Juan's twenty-sixth birthday, he deposited $7,500 in a retirement account. Each year thereafter, he deposited...

 

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On Juan's twenty-sixth birthday, he deposited $7,500 in a retirement account. Each year thereafter, he deposited $1,000 more than the previous year. Using a gradient series factor, determine how much was in the account immediately after his thirty-fifth deposit if a) The account earned annual compound interest of 5% b) The account earned annual compound interest of 6% On Juan's twenty-sixth birthday, he deposited $7,500 in a retirement account. Each year thereafter, he deposited $1,000 more than the previous year. Using a gradient series factor, determine how much was in the account immediately after his thirty-fifth deposit if a) The account earned annual compound interest of 5% b) The account earned annual compound interest of 6%

Answer rating: 100% (QA)

5 6 Noof years for which the investment in compounded N Future Value 5 Future Value 5 7500 35 413701... View the full answer