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Author Question: Jack decided to put $600 into an IRA account every 3 months at a rate of 6% compounded ... (Read 631 times)

dejastew

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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
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Marked as best answer by dejastew on Feb 28, 2021

tennis14576

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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.
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greente44

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Reply #2 on: Mar 20, 2022
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