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Find the final amount in the following retirement account, in which the rate of return on the account and the regular contribution $259 per month invested at 5%, compounded monthly, for 7 years; then $724 per month invested at 7%, compounded monthly What is the amount in the account after 14 years? (Do not round until the final answer. Then round to the nearest dollar as needed)

Find the final amount in the following retirement account, in which the rate of return on the account and the regular contribution $259 per month invested at 5%, compounded monthly, for 7 years; then $724 per month invested at 7%, compounded monthly What is the amount in the account after 14 years? (Do not round until the final answer. Then round to the nearest dollar as needed)

Advanced Engineering Mathematics
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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Find the final amount in the following retirement account, in which the rate of return on the account and the regular contribution change over time. $259 per month invested at 5%, compounded monthly, for 7 years; then $724 per month invested at 7%, compounded monthly, for 7 years What is the amount in the account after 14 years? (Do not round until the final answer. Then round to the nearest dollar as needed)
Transcribed Image Text:Find the final amount in the following retirement account, in which the rate of return on the account and the regular contribution change over time. $259 per month invested at 5%, compounded monthly, for 7 years; then $724 per month invested at 7%, compounded monthly, for 7 years What is the amount in the account after 14 years? (Do not round until the final answer. Then round to the nearest dollar as needed)
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