Cyrus deposits a fixed quarterly amount into an annuity account for his child's college fund. He wishes to accumulate a future value of $70,000 in 14 years. Assuming an APR of 3.5% compounded quarterly, how much of the $70,000 will Cyrus ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary.
Cyrus deposits a fixed quarterly amount into an annuity account for his child's college fund. He wishes to accumulate a future value of $70,000 in 14 years. Assuming an APR of 3.5% compounded quarterly, how much of the $70,000 will Cyrus ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary.
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
Related questions
Question
Cyrus deposits a fixed quarterly amount into an annuity account for his child's college fund. He wishes to accumulate a future value of $70,000 in 14 years. Assuming an APR of 3.5% compounded quarterly, how much of the $70,000 will Cyrus ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary.
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill