Question
Troy is saving for his retirement 23 years from now by setting up a savings plan. He has set up a savings plan wherein he
Troy is saving for his retirement 23 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $129.00 at the end of every threemonths for the next 10 years. Interest is 10% compounded quarterly.
(a) How much money will be in his account on the date of his retirement?
(b) How much will Troy contribute?
(c) How much will be interest?
_____________________________________________________________________________________________________________________________
(a) The future value will be $______.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
(b) Troy will contribute $_______.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
(c) The interest will be $_______.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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