Homework SourseFind the final amount in the following retirement account in
Find the final amount in the following retirement account, in which the rate of return on the account and the regular contribution change over time $449per month invested at 5%. compounded monthly, for 6 years then $569 per month invested at 7%, compounded monthly, tor 6 years. What is the amount in the account after 12 years? (Round to the nearest dollar as needed)
Solution
For next 6 years,
The total amount is $108,054.55
| Year | Year Deposits | Year Interest | Total Deposits | Total Interest | Balance |
| 1 | $5,352.00 | $147.19 | $5,352.00 | $147.19 | $5,499.19 |
| 2 | $5,352.00 | $428.54 | $10,704.00 | $575.72 | $11,279.72 |
| 3 | $5,352.00 | $724.28 | $16,056.00 | $1,300.00 | $17,356.00 |
| 4 | $5,352.00 | $1,035.15 | $21,408.00 | $2,335.16 | $23,743.16 |
| 5 | $5,352.00 | $1,361.93 | $26,760.00 | $3,697.09 | $30,457.09 |
| 6 | $5,352.00 | $1,705.43 | $32,112.00 | $5,402.52 | $37,514.52 |
