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Starting at age 50, a woman puts $1600 at the end of each quarter into a retirement account that pays 7% interest compounded quarterly. When
Starting at age 50, a woman puts $1600 at the end of each quarter into a retirement account that pays 7% interest compounded quarterly. When she reaches age 60, she withdraws the entire amount and places it in a mutual fund account that pays 9% compounded monthly. From then on she deposits $200 in the same mutual fund at the end of each month. How much is in the account when she reaches age 65?
Starting at age 50, a woman puts $1600 at the end of each quarter into a retirement account that pays 7% interest compounded quarterly. When she reaches age 60, she withdraws the entire amount and places it in a mutual fund account that pays 9% compounded monthly. From then on she deposits $200 in the same mutual fund at the end of each month. How much is in the account when she reaches age 65? At age 65 she has $ (Simplify your answer. Type an integer or a decimal. Round intermediate steps to the nearest cent. Round the final answer to the nearest dollar if needed.)Step by Step Solution
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