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 337 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?

Everyone has one nostril that is larger than the other.

Did you know?

The effects of organophosphate poisoning are referred to by using the abbreviations “SLUD” or “SLUDGE,” It stands for: salivation, lacrimation, urination, defecation, GI upset, and emesis.

Did you know?

It is widely believed that giving a daily oral dose of aspirin to heart attack patients improves their chances of survival because the aspirin blocks the formation of new blood clots.

Did you know?

The toxic levels for lithium carbonate are close to the therapeutic levels. Signs of toxicity include fine hand tremor, polyuria, mild thirst, nausea, general discomfort, diarrhea, vomiting, drowsiness, muscular weakness, lack of coordination, ataxia, giddiness, tinnitus, and blurred vision.

Did you know?

Hip fractures are the most serious consequences of osteoporosis. The incidence of hip fractures increases with each decade among patients in their 60s to patients in their 90s for both women and men of all populations. Men and women older than 80 years of age show the highest incidence of hip fractures.

THE RATE OF PHOTOSYNTHESIS THE RATE OF PHOTOSYNTHESIS
C, A nurse can also administer the medication by setting the dose and rate with an electronic infusi C, A nurse can also administer the medication by setting the dose and rate with an electronic infusi
Respiratory Rate Ranges of Various Age Groups Respiratory Rate Ranges of Various Age Groups
How to convert units of any rate to another (Part 2) How to convert units of any rate to another (Part 2)
Total Fertility Rate in the United States, 1860–2008 Total Fertility Rate in the United States, 1860–2008
The striking improvements in motor development in the early months The striking improvements in motor development in the early months
Video: Eczema

For a complete list of videos, visit our video library