Money deposited during a quarter will not earn any interest

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Reference no: EM131013392

Suppose you make $500 monthly deposits into a tax-deferred retirement plan that pays interest at a rate of 10% per year compound quarterly. Suppose that money deposited during a quarter will not earn any interest. What is the balance at the end of 20 years? Please provide the formula with solution or any excel function? Also please explain a clear and cohesively?

Reference no: EM131013392

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