Question
( Complex annuity ) Upon graduating from college 35years ago, Dr. Nick Riviera was already thinking of retirement. Since then he has made deposits into
(Complex annuity)
Upon graduating from college 35years ago, Dr. Nick Riviera was already thinking of retirement. Since then he has made deposits into his retirement fund on asemiannual basis in the amount of $700Nick has just completed his final payment and is at last ready to retire. His retirement fund has earned 6.1%interest compounded semiannually.semiannually.
a. How much has Nick accumulated in his retirement account?
b. In addition to all this,20years ago, Nick received an inheritance check for $30,000from his beloved uncle. He decided to deposit the entire amount into his retirement fund. What is his current balance in the fund?
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