Question

A small business owner contributes $4,000 at the end of each quarter to a retirement account that earns 10% compounded quarterly.

(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 the end of each quarter. What will the total value of the account be after 15 more years? (Round your answer to the nearest dollar.)

$

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 15 more years? (Round your answer to the nearest dollar.)

$

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Algebra

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