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Starting at age 50, a woman puts $1400 at the end of each quarter into a retirement account that pays 7% interest compounded quarterly. When she reaches age 60, she withdraws the entire amount and places it in a mutual fund account that pays 9% compounded monthly. From then on she deposits $300 in the same mutual fund at the end of each month. How much is in the account when she reaches age 65? When the woman reaches age 65, there is $ in the account. (Round the final answer to the nearest dollar as needed. Round all intermediate values to the nearest cent as needed.)

Starting at age 50, a woman puts $1400 at the end of each quarter into a retirement account that pays 7% interest compounded quarterly. When she reaches age 60, she withdraws the entire amount and places it in a mutual fund account that pays 9% compounded monthly. From then on she deposits $300 in the same mutual fund at the end of each month. How much is in the account when she reaches age 65? When the woman reaches age 65, there is $ in the account. (Round the final answer to the nearest dollar as needed. Round all intermediate values to the nearest cent 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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Starting at age 50, a woman puts $1400 at the end of each quarter into a retirement account that pays 7% interest compounded quarterly. When she reaches age 60, she withdraws the entire amount and places it in a mutual fund account that pays 9% compounded monthly. From then on she deposits $300 in the same mutual fund at the end of each month. How much is in the account when she reaches age 65? --- When the woman reaches age 65, there is $____ in the account. (Round the final answer to the nearest dollar as needed. Round all intermediate values to the nearest cent as needed.)
Transcribed Image Text:Starting at age 50, a woman puts $1400 at the end of each quarter into a retirement account that pays 7% interest compounded quarterly. When she reaches age 60, she withdraws the entire amount and places it in a mutual fund account that pays 9% compounded monthly. From then on she deposits $300 in the same mutual fund at the end of each month. How much is in the account when she reaches age 65? --- When the woman reaches age 65, there is $____ in the account. (Round the final answer to the nearest dollar as needed. Round all intermediate values to the nearest cent as needed.)
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