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A small business owner contributes $2000 at the end of each quarter to a retirement account that earns 10% compounded quarterly (a) How long will
A small business owner contributes $2000 at the end of each quarter to a retirement account that earns 10% compounded quarterly (a) How long will it be until the account is worth $150,000? (Round your answer UP to the nearest quarter.) quarters (b) Suppose when the account reaches $150,000, the business owner increases the contributions to $6000 at the end of each quarter. What will the total value of the account be after 15 more years? (Round your answer to the nearest dollar.) Nee d Help?Read It Master it Talk to a Tutor | 12. 14 points HarMathAp12 6.5.036.MI My Notes Ask Your Teache Some banks now have biweekly mortgages (that is, with payments every other week). Compare a 20-year, $100,000 loan at 8.1% by finding the payment size and the total interest paid over the life of the loan under each of the following conditions. (Round your answers to the nearest cent.) (a) Payments are monthly, and the rate is 8.1%, compounded monthly. payment size (b) Payments are biweekly, and the rate is 8.1%, compounded biweech. (Assume a standard 52-week year payment size total interest
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