Post by: dejastew on Feb 28, 2021
Jack decided to put $600 into an IRA account every 3 months at a rate of 6% compounded quarterly. Find a recursive formula that represents his balance at the end of each quarter. How long will it be before the value of the account is $100,000? What will be the balance in 30 years when Jack retires?
◦ B0 = 600 Bn = (1 +
)B(n - 1) + 600; 10 years; $6.8 million◦ B0 = 600 Bn = (1 +
)B(n - 1) + 600; 18 years; $151,860◦ B0 = 600 Bn = (1 +
)B(n - 1) + 600; 21 years; $202,355◦ B0 = 600 Bn = (1 +
)B(n - 1) + 600; 7 years; $4 million
Post by: tennis14576 on Feb 28, 2021
)B(n - 1) + 600; 21 years; $202,355
Post by: greente44 on Mar 20, 2022