At the end of each quarter a 48 year old individual puts 1400 in a...
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At the end of each quarter a 48 year old individual puts 1400 in a retirement account that pays 9 7 interest compounded quarterly a When the individual reaches age 60 what is the value of the account b If no further deposits or withdrawals are made to the account what is the value of the account when the individual reaches age 65 CITO a Up to age 60 the individual s deposits form an ordinary annuity because the deposits are made at the end 1 1 of each period Therefore the formula does not continue to behave as an annuity and a different formula should be used When the individual reaches age 60 the value of the account will be Do not round until the final answer Then round to the nearest cent as needed FV PMT should be used After age 60 the account
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