The account earned annual compound interest

Reference no: EM13684340

On Juan's twenty-sixth birthday, he deposited $6,500 in a retirement account. Each year thereafter, he deposited $1,000 more than the previous year. Using a gradient series factor, decide how much was in the account immediately after his thirty-fifth deposit if:

1. The account earned annual compound interest of 5.5 percent.

2. The account earned annual compound interest of 4.5 percent.

Reference no: EM13684340

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