Question: Please answer part a and b. Thank you. (Future value of an annuity) Upon graduating from college 35 years ago, Dr. Nick Riviera was already
Please answer part a and b. Thank you.
(Future value of an annuity) Upon graduating from college 35 years ago, Dr. Nick Riviera was already planning for his retirement. Since then, he has made deposits into a retirement fund on a weekly basis in the amount of $25. Nick has just completed his final payment and is at last ready to retire. His retirement fund has earned 6 percent compounded weekly. Use five decimal places for the periodic interest rate in your calculations. a. How much has Nick accumulated in his retirement account? b. In addition to this, 10 years ago Nick received an inheritance check for $25,000 from his beloved uncle. He decided to deposit the entire amount into his retirement fund. What is his current balance in the fund? a. The amount Nick has accumulated in his retirement account is $ . (Round to the nearest cent.)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
