Starting at age 50, a woman puts $1800 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 $200 in the same mutual fund at the end of each month. How much is in the account when she reaches age 65?
Starting at age 50, a woman puts $1800 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 $200 in the same mutual fund at the end of each month. How much is in the account when she reaches age 65?
Chapter3: Income Sources
Section: Chapter Questions
Problem 41P
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![Starting at age 50, a woman puts $1800 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 $200 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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fce36b8a9-ca49-43de-ada7-703fba19c52c%2F0d30dcce-3adc-4d67-916f-cb8eb281fa31%2Fm9xx0x_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Starting at age 50, a woman puts $1800 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 $200 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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