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question A and B! thanks!

Homework: HW_CH5Part2 Save Score: 0 of 4 pts < 24 of 26 (7 complete) HW Score: 10%, 10 of 100 pts Problem 5-57 (similar to) Question Help (Complex annuity) Upon graduating from college 40 years ago, Dr. Nick Riviera was already thinking of retirement. Since then he has made deposits into his retirement fund on a monthly basis in the amount of $110. Nick has just completed his final payment and is at last ready to retire. His retirement fund has earned 10.6% interest compounded monthly a. How much has Nick accumulated in his retirement account? b. In addition to all this, 10 years ago, Nick received an inheritance check for $30,000 from his beloved uncle He decided to deposit the entire amount into his retirement fund. What is his current balance in the fund? a. Since graduating from college 40 years ago, Dr Nick Riviera has made deposits into his retirement fund on a monthly basis in the amount of $110. If his retirement fund has earned 10 6% interest compounded monthly, how much has Nick accumulated in his retirement account? $ (Round to the nearest cent.) Enter your answer in the answer box and then click Check Answer. 2 parts 2 remaining Clear All Check Answer N 341 AM 2/9/2020

Answer 1

Monthly contri = rate of interest - $ 110 10.61 componded worthly. ((0.6) = 0.8833 in Prof Annuty: P ((1+r) - ) -110 ( (140.008833) -1) 40X12 0.008833 • 110 ( (1.008633)46, ) 0-008833 = 110 (1598. 4182) =$835,826 $30.000 gift received to years bank = Pr of check deposited - P (142gh Pooge 333/20 = 30,000 (1.008833) = 86, 185.63 total balance - 835,826 + 86,18 5.63 $9.20,012