Retirement account that has interest rate

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Reference no: EM131347887

Dan Hook deposits $400 a month to a retirement account that has interest rate of 3.1%, compounded monthly. After making 60 deposits, Dan changes his job and stops making payments for 3 years. After 3 years, he starts making deposits again, but now he deposits $525 monthly. What will the value of the retirement account be after Dan makes his $525 monthly deposits for 5 years?

Reference no: EM131347887

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Retirement account that has interest rate : Dan Hook deposits $400 a month to a retirement account that has interest rate of 3.1%, compounded monthly. After making 60 deposits, Dan changes his job and stops making payments for 3 years. After 3 years, he starts making deposits again, but now he..

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