Find the final amount in the following retirement account, in which the rate of return on...

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?

Solutions

Expert Solution

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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jeff jeffy answered 1 month ago

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Find the final amount in the following retirement​ account, in which the rate of return on...

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Find the final amount in the following retirement account, in which the rate of return on...