For retirement planning, you decide to deposit $1,119 at the end of every quarter and increase...

Question

Question

For retirement planning, you decide to deposit $1,119 at the end of every quarter and increase your deposit by $54 each quart

Answer 1

Answer #1

I = 6% = 6% / 4 = 1.5%per quarter

t = 25 yrs = 25 * 4 = 100 yrs

Future worth = 1119 * (F/A, 1.5%,100) + 54 * (F/G, 1.5%,100)

= 1119 * 228.8030 + 54 * 8586.8695

= 719721.56 ~ 719722 (Nearest Dollar)

Answer 2

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