Determine how much was in the account immediately after his, Accounting Basics

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Determine how much was in the account immediately after his

Problem

On Juan's 26th birthday, he deposited $9,000 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 35th deposit if:

a. the account earned annual compound interest of 6.0%. Round entry to the nearest dollar. The tolerance is ±4.

b. the account earned annual compound interest of 7.0%. Round entry to the nearest dollar. The tolerance is ±4.

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