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Part a Good job. Please view the following video before answering this question Video Solution: 02.05-PRO22/023/024 Click here to access the TVM Factor Table Calculator
Part a Good job. Please view the following video before answering this question Video Solution: 02.05-PRO22/023/024 Click here to access the TVM Factor Table Calculator On Juan's 26th birthday, he invested $8.500 in a retirement account. Each year thereafter, he deposited 9% more than the previous deposit. The account paid annual compound interest of 4% How much was in the account immediately after his 35th deposit? Round your answer to the nearest dollar. The tolerance is 5 F=S Hint Part b 2799539 Attempts: 1 of 3 used x Incorrect The problem is asking for the amount of money that Juan must deposit on his 36th birthday which coincides with the fest deposit of the geometric series Please view the following video before answering this question Video Solution 0205-PRO22/023/024 Click here to access the TVM Factor Table Calculator If Juan decided to walt 10 years before investing for retirement, how much would he have to invest on his 36th birthday to have the same account balance on his 60th birthday? Round your answer to the nearest dollar. The tolerance is 5 23737 Hint Agia the amount of money that must be deposited in the account on his thirty-sixth birthday is the interest rate per year. Note that ineeds to be a fraction ( 0.04 for 4%) is the geometric increase per year. Note that needs to be a fraction 0.09 for 9%) is the number of years Assistance Used Attempts: 2 of 3 used Submit An
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