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When Jack started his job working at an industrial manufacturing company, he contributed $162 at the end of each month into a savings account that
When Jack started his job working at an industrial manufacturing company, he contributed $162 at the end of each month into a savings account that earned 3.15% interest compounded quarterly for 8 years. At the end of the 8^th year, Jack was laid off. Fortunately, Jack didn't have to touch the savings account while he was laid off, because his wife's income was able to meet the family expenses. After being laid off for 2 years, Jack found another job (which paid less than his original job) and he started contributing $141 back into the savings account at the end of each month for the next six years. How much money would Jack have in the account at the end of the six years (after returning to work)? You may use the TVM Solver. Show all the necessary work that you need perform to arrive at the answer. The answer should be in the form of a sentence
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