A small business owner contributes $4,000 at the end of each quarter to a retirement account that earns 6% compounded quarterly.
(a) How long will it be until the account is worth at least
$150,000? (Round your answer UP to the nearest quarter.)
_______ quarters
(b) Suppose when the account reaches $150,000, the business owner
increases the contributions to $8,000 at the end of each quarter.
What will the total value of the account be after 15 more years?
(Round your answer to the nearest dollar.)
$ ________
Please refer to below spreadsheet for calculation and answer. Cell reference also provided.
Cell reference -
Hope this will help, please do comment if you need any further explanation. Your feedback would be highly appreciated.
A small business owner contributes $4,000 at the end of each quarter to a retirement account that earns 6% compounded qu...
A small business owner contributes $4,000 at the end of each quarter to a retirement account that earns 6% compounded quarterly. (a) How long will it be until the account is worth at least $150,000? (Round your answer UP to the nearest quarter.) (b) Suppose when the account reaches $150,000, the business owner increases the contributions to $8,000 at the end of each quarter. What will the total value of the account be after 15 more years? (Round your answer...
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