(Future value of an annuity)Upon graduating from college

35

years ago, Dr. Nick Riviera was already planning for his retirement. Since then, he has made deposits into a retirement fund on a

quarterly

basis in the amount of

$250

Nick has just completed his final payment and is at last ready to retire. His retirement fund has earned

11

percent compounded

quarterly

Use five decimal places for the periodic interest rate in your calculations.

a.How much has Nick accumulated in his retirement account?

b. In addition to this,

15

years ago Nick received an inheritance check for

$25,000

from his beloved uncle. He decided to deposit the entire amount into his retirement fund. What is his current balance in the fund?