Complex annuity upon graduating from college 40 years ago, Ask an Expert

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?(Complex annuity?) Upon graduating from college 40 years? ago, Dr. Nick Riviera was already thinking of retirement. Since then he has made deposits into his retirement fund on a weekly basis in the amount of ?$40 . Nick has just completed his final payment and is at last ready to retire. His retirement fund has earned 9.1 ?% interest compounded weekly.

a. Since graduating from college 40 years ago, Dr. Nick Riviera has made deposits into his retirement fund on a weekly basis in the amount of $40. If his retirement fund has earned 9.1 % interest compounded weekly, how much has Nick accumulated in his retirement account?

b. In addition to all? this, 20 years? ago, Nick received an inheritance check for ?$25,000 from his beloved uncle. He decided to deposit the entire amount into his retirement fund. What is his current balance in the? fund?

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Financial Management, Finance

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