A small business owner contributes $3000 at the end of eachquarter to a retirement account that earns 8% compoundedquarterly.
(a) How long will it be until the account is worth $150,000?(Round your answer UP to the nearest quarter.)
quarters
(b) Suppose when the account reaches $150,000, the businessowner increases the contributions to $7000 at the end of eachquarter. What will the total value of the account be after 15 moreyears? (Round your answer to the nearest dollar.)
$
