How much will john have in given years

Reference no: EM132042553

Question: Please explain how you reached the answer and show BOTH the formulas you used and mathematical calculations:

John currently has $20,000 in his savings account. He plans to put an additional $1500 into the savings account at the end of each quarter for 3 years and $2000 into the savings account at the end of each quarter for the following 2 years. How much will he have in 5 years if the interest rate is 7% APR with quarterly compounding? Please explain the rationale for your answer.

Reference no: EM132042553

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