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Compute how much money will have in savings

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Problem 1: As a part of your savings plan at work, you have been depositing $250 per quarter in a savings account earning 8% interest compounded quarterly for the last 10 years. You will retire in 15 years and want to increase your contribution each year from $1000 to $2000 per year, by increasing your deposit to $500 per quarter. Additionally, you have just inherited $10 000, which you plan to invest now to earn interest at 12% compounded annually for the next 15 years. How much money will you have in savings when you retire 15 years from now?

Reference no: EM132665591

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