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Find the final amount in the following retirement account, in which the rate of return on the ...
Catracho
Catracho
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8 months ago
8 months ago
Find the final amount in the following retirement account, in which the rate of return on the ...
Find the final amount in the following retirement account, in which the rate of return on the account and the regular contribution change over time.
$247 per month invested at 6%, compounded monthly, for 5 years; then $651 per month invested at %7, compounded monthly, for 5 years.
what is the amount in the account after 10 years?
(Do not round until the final answer. Then round to the nearest dollar as needed.)
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Find the final amount in the following retirement account, in which the rate of return on the accoun
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bio_man
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Educator
8 months ago
I think here you do the annuity thing twice, then add them:
\(A=\frac{R\left[\left(1+\frac{r}{n}\right)^t−1\right]}{\frac{r}{n}}\)
1st
A = future value amount
R = regular deposit/payment \(\rightarrow\) 247
r = interest rate \(\rightarrow\) 6% or 0.06
n = compounding periods per year \(\rightarrow\) 12
t = total number of deposits \(\rightarrow\) 12 * 5 = 60
2nd
A = future value amount
R = regular deposit/payment \(\rightarrow\) 651
r = interest rate \(\rightarrow\) 7% or 0.07
n = compounding periods per year \(\rightarrow\) 12
t = total number of deposits \(\rightarrow\) 12 * 5 = 60
\(A_T=\frac{247\left[\left(1+\frac{0.06}{12}\right)^{60}−1\right]}{\frac{0.06}{12}}+\frac{651\left[\left(1+\frac{0.07}{12}\right)^{60}−1\right]}{\frac{0.07}{12}}\)
\(A_T=17233.19754+46606.97897\)
\(A_T=63840.176\)
Round to nearest cent:
\(A_T=63840.18\)
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