Upon graduating from college 35 years ago, Dr. Nick Riviera was already planning for his retirement. Since then, he has made deposits into a retirement fund on a quarterly basis in the amount of $250. Nick has just completed his final payment and is at last ready to retire. His retirement fund has earned 9 percent compounded quarterly. Use five decimal places for the periodic interest rate in your calculations. a. How much has Nick accumulated in his retirement account? b. In addition to this, 15years ago Nick received an inheritance check for $20,000 from his beloved uncle. He decided to deposit the entire amount into his retirement fund. What is his current balance in the fund? Part 1 a. The amount Nick has accumulated in his retirement account is $_____
Upon graduating from college 35 years ago, Dr. Nick Riviera was already planning for his retirement. Since then, he has made deposits into a retirement fund on a quarterly basis in the amount of $250. Nick has just completed his final payment and is at last ready to retire. His retirement fund has earned 9 percent compounded quarterly. Use five decimal places for the periodic interest rate in your calculations. a. How much has Nick accumulated in his retirement account? b. In addition to this, 15years ago Nick received an inheritance check for $20,000 from his beloved uncle. He decided to deposit the entire amount into his retirement fund. What is his current balance in the fund? Part 1 a. The amount Nick has accumulated in his retirement account is $_____
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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hw 3 10) Upon graduating from college 35 years ago, Dr. Nick Riviera was already planning for his retirement. Since then, he has made deposits into a retirement fund on a quarterly basis in the amount of $250. Nick has just completed his final payment and is at last ready to retire. His retirement fund has earned 9 percent compounded quarterly. Use five decimal places for the periodic interest rate in your calculations.
a. How much has Nick accumulated in his retirement account?
b. In addition to this, 15years ago Nick received an inheritance check for $20,000 from his beloved uncle. He decided to deposit the entire amount into his retirement fund. What is his current balance in the fund?
Part 1
a. The amount Nick has accumulated in his retirement account is $_____
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