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12.3 Exercise 92

Avg difficulty 2.5

Solve the problem.

Berenice just got her first full-time job after graduating from college at age 30. She decided to invest $500\$ 500 per quarter in an IRA (an annuity). The interest on the annuity is 7%7 \% which is compounded quarterly (4 times a year). How much will be in the Berenice’s account when she retires at age 65?

OpenStax Intermediate Algebra 2e, 12.3 Geometric Sequences and Series, exercise 92

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Adapted from Intermediate Algebra 2e © 2020 Rice University. Licensed under CC BY 4.0. Source: Intermediate Algebra 2e. Imported at revision 77a933c.