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As a fringe benefit for the past 8 years, Colin's employer has contributed $50 at the...

As a fringe benefit for the past 8 years, Colin's employer has contributed $50 at the end of each month into an employee retirement account for Colin that pays interest at the rate of 8%/year compounded monthly. Colin has also contributed $2,000 at the end of each of the last 4 years into an IRA that pays interest at the rate of 10%/year compounded yearly. How much does Colin have in his retirement fund at this time? ​

a. $15,975.43

b. $9,282.00

c. $6,693.43

d. $9,813.83

Solutions

Expert Solution

How much does Colin have in his retirement fund at this time? ​

=FV(8%/12,12*8,-50)+FV(10%,4,-2000)
=15975.4291

jeff jeffy answered 2 years ago
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