Suppose a 40-year-old person deposits $12,000 per year in an Individual Retirement Account until age 65. Find the total in the account with the following assumption of an interest rate. (Assume quarterly compounding, with payments of $3,000 made at the end of each quarter period.) Find the total amount of interest earned. 3% The total in the account is $. (Round to the nearest cent as needed.)
Suppose a 40-year-old person deposits $12,000 per year in an Individual Retirement Account until age 65. Find the total in the account with the following assumption of an interest rate. (Assume quarterly compounding, with payments of $3,000 made at the end of each quarter period.) Find the total amount of interest earned. 3% The total in the account is $. (Round to the nearest cent as needed.)
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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Transcribed Image Text:Suppose a 40-year-old person deposits $12,000 per year in an Individual Retirement Account until age 65. Find the total in the account with the following assumption of an interest rate. (Assume quarterly compounding, with payments of $3,000
made at the end of each quarter period.) Find the total amount of interest earned.
3%
The total in the account is $
(Round to the nearest cent as needed.)
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