Suppose a young couple deposits $1,100 at the end of each quarter in an account that earns an annual rate of 8.8%, compounded quarterly, for a period of 6 years. After the 6 years, they start a family and find they can contribute only $300 per quarter. If they leave the money from the first 6 years in the account and continue to contribute $300 at the end of each quarter for the next years, how much will they have in the account (to help with their child's college expenses)? Round your answer to the nearest cent.
A)$171,621.52
B)$226,229.22
C)$54,607.70
D)$280,836.92
E)$397,850.74

Question

Suppose a young couple deposits $1,100 at the end of each quarter in an account that earns an annual rate of 8.8%, compounded quarterly, for a period of 6 years. After the 6 years, they start a family and find they can contribute only $300 per quarter. If they leave the money from the first 6 years in the account and continue to contribute $300 at the end of each quarter for the next  years, how much will they have in the account (to help with their child's college expenses)? Round your answer to the nearest cent. ​
A)$171,621.52 
B)$226,229.22 
C)$54,607.70 
D)$280,836.92 
E)$397,850.74

Quizplus · Accepted Answer

The Answer of Suppose a young couple deposits $1,100 at the end of each quarter in an account that earns an annual rate of 8.8%, compounded quarterly, for a period of 6 years. After the 6 years, they start a family and find they can contribute only $300 per quarter. If they leave the money from the first 6 years in the account and continue to contribute $300 at the end of each quarter for the next  years, how much will they have in the account (to help with their child's college expenses)? Round your answer to the nearest cent. ​
A)$171,621.52 
B)$226,229.22 
C)$54,607.70 
D)$280,836.92 
E)$397,850.74

Suppose a Young Couple Deposits $1,100 at the End of Each