Business, 17.02.2020 19:35 osiharprasad4061

Suppose that beginning on your 25thbirthday, you put $1,000 into a savings account, and you make a new $1000 deposit every 3 months, up toand including your 45thbirthday. The savings account pays 6% annual interest, compounded quarterly.

a. How much money will be in the account on your 45th birthday?

b. How much will your first $1000 deposit end up contributing to the amount in your bank account, on your 45th birthday?

c. The total account value in part (a) is really the result of computing a long sum (even though you used a formula as a shortcut, the formula was developed and explained in the text as a shortcut for a specific long sum of terms). Write out the first two terms (corresponding to your 25th birthday, and 3 months after your 25th birthday) and last two terms of that sum (corresponding to 3 months before your 45th birthday, and the day of your 45th birthday). How many terms are in the sum?

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