On juans twenty-sixth birthday he deposited 6500 in a, Ask an Expert

Economics

On Juan's twenty-sixth birthday, he deposited $6,500 in a retirement account. Each year thereafter, he deposited $1,000 more than the previous year. Using a gradient series factor, decide how much was in the account immediately after his thirty-fifth deposit if:

1. The account earned annual compound interest of 5.5 percent.

2. The account earned annual compound interest of 4.5 percent.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91224063

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