Consider a retirement savings account where the monthly contribution is $105 for the first 20 years, is increased to $215 for the next 25 years, and then is increased once Kagain to $300 for the last 5 years. The APR is always 6.5% compounded monthly. What is the value of the account at the end of 50 years? COLE The value of the account at the end of 50 years is (Round the final answer to the nearest cent as needed. Round all intermediate values to two decimal places as needed)
Consider a retirement savings account where the monthly contribution is $105 for the first 20 years, is increased to $215 for the next 25 years, and then is increased once Kagain to $300 for the last 5 years. The APR is always 6.5% compounded monthly. What is the value of the account at the end of 50 years? COLE The value of the account at the end of 50 years is (Round the final answer to the nearest cent as needed. Round all intermediate values to two decimal places as needed)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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P₁ =
Step 2
& ASK
P₁ = PMT
[+]
Where PMT= $110, t = 25 years,
r = 5.5% = 0.055, n = 12 (for
monthly compounded)
P₂ =
110
1+
Step 3
0.055
LTE
+
則 CHAT
12x25
0.055
12
⇒ P₁ = $70624. 11735
P₂ = P₁ (1 + i)¹¹ + PMT
where P₁ = $70624. 11735,
PMT = $215, r = 5.5% = 0. 055, n=
12 (for monthly compounded)
t = 15 years.
(70624. 5) (1 + a 12x15
70624. 11735 (1 +
0.055
12
7
P₂ = 160852.3436 +59930. 29333
⇒ P₂ = $220782.6369
¹92%
LX](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F413a57ab-c507-4b37-84c4-d6f24b4c88c2%2F56d79f33-d83e-4d0b-9cb5-25fcdd1f47b2%2F5m3xhkf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2:35 AM | 0.2KB/s E
bartleby.com/questio
Q SEARCH
P₁ =
Step 2
& ASK
P₁ = PMT
[+]
Where PMT= $110, t = 25 years,
r = 5.5% = 0.055, n = 12 (for
monthly compounded)
P₂ =
110
1+
Step 3
0.055
LTE
+
則 CHAT
12x25
0.055
12
⇒ P₁ = $70624. 11735
P₂ = P₁ (1 + i)¹¹ + PMT
where P₁ = $70624. 11735,
PMT = $215, r = 5.5% = 0. 055, n=
12 (for monthly compounded)
t = 15 years.
(70624. 5) (1 + a 12x15
70624. 11735 (1 +
0.055
12
7
P₂ = 160852.3436 +59930. 29333
⇒ P₂ = $220782.6369
¹92%
LX
Transcribed Image Text:ist
Consider a retirement savings account where the monthly contribution is $105 for the first 20 years, is increased to $215 for the next 25 years, and then is increased once
again to $300 for the last 5 years. The APR is always 6.5% compounded monthly. What is the value of the account at the end of 50 years?
CatEy
The value of the account at the end of 50 years is s
(Round the final answer to the nearest cent as needed. Round all intermediate values to two decimal places as needed.)
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