This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Jack decided to put $600 into an IRA account every 3 months at a rate of 6% compounded ... (Read 338 times)

dejastew

  • Hero Member
  • *****
  • Posts: 562
on: Feb 28, 2021
Solve.

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
Precalculus ¦ Sullivan ¦ 10th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by dejastew on Feb 28, 2021

tennis14576

  • Sr. Member
  • ****
  • Posts: 334
Reply #1 on: Feb 28, 2021
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 30% of students answer this correctly


greente44

  • Newbie
  • *
  • Posts: 1
Reply #2 on: Mar 20, 2022
ty


« previous next »
 

Did you know?

IgA antibodies protect body surfaces exposed to outside foreign substances. IgG antibodies are found in all body fluids. IgM antibodies are the first type of antibody made in response to an infection. IgE antibody levels are often high in people with allergies. IgD antibodies are found in tissues lining the abdomen and chest.

Did you know?

The shortest mature adult human of whom there is independent evidence was Gul Mohammed in India. In 1990, he was measured in New Delhi and stood 22.5 inches tall.

Did you know?

Bacteria have been found alive in a lake buried one half mile under ice in Antarctica.

Did you know?

Fatal fungal infections may be able to resist newer antifungal drugs. Globally, fungal infections are often fatal due to the lack of access to multiple antifungals, which may be required to be utilized in combination. Single antifungals may not be enough to stop a fungal infection from causing the death of a patient.

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

A Glitch Interrupts the Vela Pulsar’s Spindown Rate A Glitch Interrupts the Vela Pulsar’s Spindown Rate
Relative rate test, calibrating the molecular clock, and calculating divergence dates. Relative rate test, calibrating the molecular clock, and calculating divergence dates.
Temperature Changes on Heart Rate Temperature Changes on Heart Rate
How to calculate annuity when compounded quarterly (Part 2) How to calculate annuity when compounded quarterly (Part 2)
Saving Rate by Decile of Income per Capita Saving Rate by Decile of Income per Capita
If a graph has the following x-intercepts, which value of x is the instantaneous rate of change ... If a graph has the following x-intercepts, which value of x is the instantaneous rate of change ...
Video: Coronary Heart Disease

For a complete list of videos, visit our video library