On your 40th birthday you make decision to put 500 every

Reference no: EM13477048

On your 40th birthday, you decide to put $500 every quarter into an account with interest compounding quarterly at 3% for a period of 20 years. You anticipate taking the balance at age 60 to deposit into a mutual fund with 2% interest compounded annually for 7 years. Every year, you add $1000 cash to the mutual fund. How much will you have at age 67? Show formulas.

Reference no: EM13477048

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