mylab.pearson.com/Student/PlayerHomework.aspx?homeworkId=621683549&questionid=7&flushed=true&cid=6894... MATH 1324 Spr2022 Homework: 5.3 jessy lumumba 05/20/22 12:10 PM Annuities, Future Values and Sinking Funds Question 7, 5.3.42- BE Part 3 of 3 HW Score: 83.67%, 5.86 of 7 points Points: 0.86 of Save 1 An individual is 45 years old. At the end of each month, he deposits $270 in a retirement account that pays 5.11% interest compounded monthly. (a) After 9 years, what is the value of the account? (b) If no further deposits or withdrawals are made to the account, what is the value of the account when the individual reaches age 65? (a) For the first 9 years, the individual's deposits form an ordinary annuity because the deposits are made at the each period. Therefore, the formula FV=PMT [(1+0)" -1] should be used. After 9 years, the account does not continue to behave as an annuity and a different formula should be used. After 9 years, the value of the account will be $ 36925.21. (Do not round until the final answer. Then round to the nearest cent as needed.) (b) When the individual reaches age 65, the value of the account will be $ (Do not round until the final answer. Then round to the nearest cent as needed.) end of