Tuesday
September 23, 2014

Homework Help: ctu

Posted by Anonymous on Monday, December 24, 2012 at 11:04pm.

Diane works at a public university. She contributes $625 at the end of each month to her retirement fund. For the past 10 years, this fund has returned 3.84% a year, compounded monthly.
a. Assuming the 3.84% rate continues, how much will she have in her retirement account after 15 years?
b. Assume the economy has gotten better and that the fund now has a return of 7.72% compounded monthly. Since Diane’s salary has risen over the first 15 years, she can now contribute $1000 per month. At the end of the next 15 years, how much is her account worth?

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

math - diane works at a public university and contributes $625 per month in her ...
Algebra business - Diane contributes $625 at the end of each month to ...
Math - A company contributes $170 per month into a retirement fund paying 4.20% ...
Math - A company contributes $170 per month into a retirement fund paying 4.20% ...
Differential Equations - A college professor contributes $5,000 per year into ...
Finance - Simon wishes to have $400,000 in a retirement fund 20 years from now. ...
Algebra 106 - $625.00 investested in retirement fund for 10 years @ 3.84% ...
Actuarial Math - Fund A accumulate at 8% effective and fund B accumulates at 10...
math - Carlos invested his savings in two investment funds. The amount he ...
Algebra - Michael invested his savings in two investment funds. The amount he ...

Search
Members