In: Finance
Find the final amount in the following retirement account, in which the rate of return on the account and the regular contribution change over time.
$614 per month invested at 4%, compounded monthly, for 4years; then $716per month invested at 7%,
compounded monthly, for 4 years. What is the amount in the account after 8
years?
Assumption: Investment is made at the BEGINNING of every month.
Therefore, Amount in account after 8 years will be $68,222.11
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