6. Suppose a person is saving for retirement by depositing equal amounts every quarter into a retirement plan to earn 9% annual interest com- pounded quarterly. If the account initially had zero balance, (i) How much will be available at retirement time in 25 years if each 40 Mathematical Modeling: Models, Analysis and Applications deposit is Rs. 10,000.00? (ii) How much should each deposit be to have Rs. 2,000,000.00 at retire- ment in 25 years?

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
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6. Suppose a person is saving for retirement by depositing equal amounts
every quarter into a retirement plan to earn 9% annual interest com-
pounded quarterly. If the account initially had zero balance,
(i) How much will be available at retirement time in 25 years if each
40
Mathematical Modeling: Models, Analysis and Applications
deposit is Rs. 10,000.00?
(ii) How much should each deposit be to have Rs. 2,000,000.00 at retire-
ment in 25 years?
Transcribed Image Text:6. Suppose a person is saving for retirement by depositing equal amounts every quarter into a retirement plan to earn 9% annual interest com- pounded quarterly. If the account initially had zero balance, (i) How much will be available at retirement time in 25 years if each 40 Mathematical Modeling: Models, Analysis and Applications deposit is Rs. 10,000.00? (ii) How much should each deposit be to have Rs. 2,000,000.00 at retire- ment in 25 years?
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