Question

. On Juan's twenty-sixth birthday, he deposited $7,500 in a retirement account. Each year thereafter, he deposited $1,000 more than the previous year. Using a gradient series factor, determine how much was in the account immediately after his thirty-fifth deposit if

Answer 1

Answer:

$1,783,805

Explanation:

Okay, if we are going to answer thus question efficiently, we need to take time to understand each and every sentence in the question. Hence, from the question we have the following data or information and they are;

1. The initial deposit in which Juan deposited on his 26th birthday = $7500.

2. After the statement in [1] above, Juan decided to be depositing $1000 more than the one he deposited on his 26th birthday.

Therefore, we are given that there is 5% in the interest rate. Thus, after his thirty-fifth deposit he will have;

$7500[90.3203] + [5.516] × $1000 × 200.581] = $1,783,805