5

5a

An Individual Retirement Account (RA) has $17.000 in it, and the owner decides not to add any more money to the account other than interest eamed at 4% compounded daily. How much will be in the account 25 years from now when the owner reaches retirement ago? There will be $ in the account (Round to the nearest cent. Use a 365-day year.) A company estimates that it will need $140,000 in 17 years to replace a computer. If it establishes a sinking fund by making mixed monthly payments into an account paying 4.5% compounded monthly, how much should each payment be? The amount of each payment should be $ (Round to the nearest cent)