A small business owner contributes $4,000 at the end of each quarter to a retirement account that earns 6% compoundedquarterly.(a) How long will it be until the account is worth at least $150,000? (Round your answer UP to the nearest quarter.)quarters(b) Suppose when the account reaches $150,000, the business owner increases the contributions to $4,000 at theend of each quarter. What will the total value of the account be after 15 more years? (Round your answer to thenearest dollar.)

More is the compounding than more will be effective rate of interest and more will be compouding…

A small business owner contributes $4,000 at the end of each quarter to a retirement account that earns 6% compounc quarterly. (a) How long will it be until the account is worth at least $150,000? (Round your answer UP to the nearest quarts quarters (b) Suppose when the account reaches $150,000, the business owner increases the contributions to $4,000 at the end of each quarter. What will the total value of the account be after IS more years? (Round your answer to the nearest dollar.)

A small business owner contributes $4,000 at the end of each quarter to a retirement account that earns 6% compounc quarterly. (a) How long will it be until the account is worth at least $150,000? (Round your answer UP to the nearest quarts quarters (b) Suppose when the account reaches $150,000, the business owner increases the contributions to $4,000 at the end of each quarter. What will the total value of the account be after IS more years? (Round your answer to the nearest dollar.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 11RE: Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the...

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