Justin
is saving for his retirement
22
years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit
$119.00
at the end of
every
three months
for the next
15
years. Interest is
10%
compounded quarterly
(a) How much money will be in his account on the date of his retirement?
(b) How much will
Justin
contribute?
(c) How much will be interest?
1.
=119/(10%/4)*((1+10%/4)^(22*4)-1)=37052.59358934
2.
=119*4*22=10472.00
3.
=119/(10%/4)*((1+10%/4)^(22*4)-1)-119*4*22=26580.59358934
Justin is saving for his retirement 22 years from now by setting up a savings plan....
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