$3,000 initial deposit (n-0) into special savings that A. (10 pts) TODAY Mark ju
ID: 2523894 • Letter: #
Question
$3,000 initial deposit (n-0) into special savings that A. (10 pts) TODAY Mark just made a a account pays 8% interest, compounded quarterly. He plans to make quarterly deposits into the account each quarter for the next 20 years. His first quarterly deposit (n will be $1000, but he will decrease this value by $10 each quarter through n-10. From then on (n-11, 12, 13...) his quarterly deposits will S500 each quarter. Determine the amount he will have in the account in 20 years, just after his last quarterly deposit.Explanation / Answer
Solution:
Therefore account balance after 20 years = $131,510.09
Computation of account balance after 20 years - Mark Period / Quarter Opening Balance Deposit Interest (Opening balance * 2%) Ending balance (Beginning balance + deposit + Interest) 0 $0.00 $3,000.00 $0.00 $3,000.00 1 $3,000.00 $1,000.00 $60.00 $4,060.00 2 $4,060.00 $990.00 $81.20 $5,131.20 3 $5,131.20 $980.00 $102.62 $6,213.82 4 $6,213.82 $970.00 $124.28 $7,308.10 5 $7,308.10 $960.00 $146.16 $8,414.26 6 $8,414.26 $950.00 $168.29 $9,532.55 7 $9,532.55 $940.00 $190.65 $10,663.20 8 $10,663.20 $930.00 $213.26 $11,806.46 9 $11,806.46 $920.00 $236.13 $12,962.59 10 $12,962.59 $910.00 $259.25 $14,131.84 11 $14,131.84 $500.00 $282.64 $14,914.48 12 $14,914.48 $500.00 $298.29 $15,712.77 13 $15,712.77 $500.00 $314.26 $16,527.03 14 $16,527.03 $500.00 $330.54 $17,357.57 15 $17,357.57 $500.00 $347.15 $18,204.72 16 $18,204.72 $500.00 $364.09 $19,068.81 17 $19,068.81 $500.00 $381.38 $19,950.19 18 $19,950.19 $500.00 $399.00 $20,849.19 19 $20,849.19 $500.00 $416.98 $21,766.18 20 $21,766.18 $500.00 $435.32 $22,701.50 21 $22,701.50 $500.00 $454.03 $23,655.53 22 $23,655.53 $500.00 $473.11 $24,628.64 23 $24,628.64 $500.00 $492.57 $25,621.21 24 $25,621.21 $500.00 $512.42 $26,633.64 25 $26,633.64 $500.00 $532.67 $27,666.31 26 $27,666.31 $500.00 $553.33 $28,719.64 27 $28,719.64 $500.00 $574.39 $29,794.03 28 $29,794.03 $500.00 $595.88 $30,889.91 29 $30,889.91 $500.00 $617.80 $32,007.71 30 $32,007.71 $500.00 $640.15 $33,147.86 31 $33,147.86 $500.00 $662.96 $34,310.82 32 $34,310.82 $500.00 $686.22 $35,497.03 33 $35,497.03 $500.00 $709.94 $36,706.98 34 $36,706.98 $500.00 $734.14 $37,941.12 35 $37,941.12 $500.00 $758.82 $39,199.94 36 $39,199.94 $500.00 $784.00 $40,483.94 37 $40,483.94 $500.00 $809.68 $41,793.61 38 $41,793.61 $500.00 $835.87 $43,129.49 39 $43,129.49 $500.00 $862.59 $44,492.08 40 $44,492.08 $500.00 $889.84 $45,881.92 41 $45,881.92 $500.00 $917.64 $47,299.56 42 $47,299.56 $500.00 $945.99 $48,745.55 43 $48,745.55 $500.00 $974.91 $50,220.46 44 $50,220.46 $500.00 $1,004.41 $51,724.87 45 $51,724.87 $500.00 $1,034.50 $53,259.37 46 $53,259.37 $500.00 $1,065.19 $54,824.55 47 $54,824.55 $500.00 $1,096.49 $56,421.04 48 $56,421.04 $500.00 $1,128.42 $58,049.46 49 $58,049.46 $500.00 $1,160.99 $59,710.45 50 $59,710.45 $500.00 $1,194.21 $61,404.66 51 $61,404.66 $500.00 $1,228.09 $63,132.76 52 $63,132.76 $500.00 $1,262.66 $64,895.41 53 $64,895.41 $500.00 $1,297.91 $66,693.32 54 $66,693.32 $500.00 $1,333.87 $68,527.19 55 $68,527.19 $500.00 $1,370.54 $70,397.73 56 $70,397.73 $500.00 $1,407.95 $72,305.68 57 $72,305.68 $500.00 $1,446.11 $74,251.80 58 $74,251.80 $500.00 $1,485.04 $76,236.83 59 $76,236.83 $500.00 $1,524.74 $78,261.57 60 $78,261.57 $500.00 $1,565.23 $80,326.80 61 $80,326.80 $500.00 $1,606.54 $82,433.34 62 $82,433.34 $500.00 $1,648.67 $84,582.01 63 $84,582.01 $500.00 $1,691.64 $86,773.65 64 $86,773.65 $500.00 $1,735.47 $89,009.12 65 $89,009.12 $500.00 $1,780.18 $91,289.30 66 $91,289.30 $500.00 $1,825.79 $93,615.09 67 $93,615.09 $500.00 $1,872.30 $95,987.39 68 $95,987.39 $500.00 $1,919.75 $98,407.14 69 $98,407.14 $500.00 $1,968.14 $100,875.28 70 $100,875.28 $500.00 $2,017.51 $103,392.78 71 $103,392.78 $500.00 $2,067.86 $105,960.64 72 $105,960.64 $500.00 $2,119.21 $108,579.85 73 $108,579.85 $500.00 $2,171.60 $111,251.45 74 $111,251.45 $500.00 $2,225.03 $113,976.48 75 $113,976.48 $500.00 $2,279.53 $116,756.01 76 $116,756.01 $500.00 $2,335.12 $119,591.13 77 $119,591.13 $500.00 $2,391.82 $122,482.95 78 $122,482.95 $500.00 $2,449.66 $125,432.61 79 $125,432.61 $500.00 $2,508.65 $128,441.26 80 $128,441.26 $500.00 $2,568.83 $131,510.09Related Questions
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