Alexi made monthly contributions of $450 to his retirement account that earns interest at a rate of 5%/year compounded monthly for 25 years. At the age of 50 he needed to stop contributions to help his parents financially. He made no additional contributions and no withdrawals for the next 15 years, but the money in the account continued to earn interest. How much money is in his account when he turns 65? Use units and context in your answer, round to two decimal places.

Alexi made monthly contributions of $450 to his retirement account that earns interest at a rate of 5%/year compounded monthly for 25 years. At the age of 50 he needed to stop contributions to help his parents financially. He made no additional contributions and no withdrawals for the next 15 years, but the money in the account continued to earn interest. How much money is in his account when he turns 65? Use units and context in your answer, round to two decimal places.

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

Alexi made monthly contributions of $450 to his retirement account that earns interest at a
rate of 5%/year compounded monthly for 25 years. At the age of 50 he needed to stop
contributions to help his parents financially. He made no additional contributions and no
withdrawals for the next 15 years, but the money in the account continued to earn interest.
How much money is in his account when he turns 65?
Use units and context in your answer, round to two decimal places.

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