MY NOTESASK YOUR TEACHERPRACTICE ANOTHERA small business owner contributes $4,000 at the end of each quarter to a retirement account that earns 6% compoundedquarterly.(a) How long will it be until the account is worth at least $150,000? (Round your answer UP to the nearest quarter.)quarters(b) Suppose when the account reaches $150,000, the business owner increases the contributions to $6,000 at theend of each quarter. What will the total value of the account be after 15 more years? (Round your answer to thenearest dollar.) (-/2 Points]DETAILSHARMATHAP12 6.3.037.NY NOTESASK YOUR TEACHERPRACTICE ANOTHERJane Adele deposits $1,300 in an account at the beginning of each 3-month period for 10 years. If the account paysinterest at the rate of 4%, compounded quarterly, how much will she have in her account after 10 years?(a) State whether the problem relates to an ordinary annuity or an annuity due.O ordinary annuityO annuity due(b) Solve the problem. (Round your answer to the nearest cent.)%24Need Help?Read It

* SOLUTION :- AS Per guidelines I answered one question only.

MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER A small business owner contributes $4,000 at the end of each quarter to a retirement account that earns 6% compounded quarterly. (a) How long will it be until the account is worth at least $150,000? (Round your answer UP to the nearest quarter.) quarters (b) Suppose when the account reaches $150,000, the business owner increases the contributions to $6,000 at the end of each quarter. What will the total value of the account be after 15 more years? (Round your answer to the nearest dollar.)

MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER A small business owner contributes $4,000 at the end of each quarter to a retirement account that earns 6% compounded quarterly. (a) How long will it be until the account is worth at least $150,000? (Round your answer UP to the nearest quarter.) quarters (b) Suppose when the account reaches $150,000, the business owner increases the contributions to $6,000 at the end of each quarter. What will the total value of the account be after 15 more years? (Round your answer to the nearest dollar.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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