Question
In: Finance
Upon graduating from college 35 years ago, Dr. Nick Riviera was already thinking of retirement. Since...
Upon graduating from college 35 years ago, Dr. Nick Riviera was already thinking of retirement. Since then, he has made deposits into his retirement fund on a semiannual basis in the amount of $500. Nick has just completed his final payment and is at last ready to retire. His retirement fund has earned 8.9% interest compounded semiannually.
a. How much has Nick accumulated in his retirement account?
b. In addition to all this, 15 years ago, Nick received an inheritance check for $15,000 from his beloved uncle. He decided to deposit the entire amount into his retirement fund. What is his current balance in the fund?
Solutions
jeff jeffy answered 2 years agoRelated Solutions
Upon graduating from college 30 years ago, Dr. Nick Riviera was already thinking of retirement. Since...
Upon graduating from college 30 years ago, Dr. Nick Riviera was
already thinking of retirement. Since then he has made deposits
into his retirement fund on a weekly basis in the amount of $30.
Nick has just completed his final payment and is at last ready to
retire. His retirement fund has earned 7.8% interest compounded
weekly.
a. How much has Nick accumulated in his retirement account?
b. In addition to all this, 10 years ago, Nick received an
inheritance...
Upon graduating from college 35 years ago, Dr. Nick Riviera was already planning for his retirement....
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 semiannually basis in the
amount of $600. Nick has just completed his final payment and is
at last ready to retire. His retirement fund has earned 11 percent
compounded semiannually. Use five decimal places for the periodic
interest rate in your calculations.
a. How much has Nick accumulated in his retirement account?...
Upon graduating from college 40 years ago, Dr. Nick Riviera was already planning for his retirement....
Upon graduating from college 40 years ago, Dr. Nick Riviera
was already planning for his retirement. Since then, he has made
deposits into a retirement fund on a semiannually basis in the
amount of $600. Nick has just completed his final payment and is
at last ready to retire. His retirement fund has earned 7 percent
compounded semiannually.
Use five decimal places for the periodic interest rate in your
calculations.
a. How much has Nick accumulated in his retirement
account?...
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