John is 35 years old and wants to have 1 million dollars in savings by the time he retires at 65. He plans to open a savings account that pays 5% interest compounded quarterly and he will be making...

Extracted text: John is 35 years old and wants to have 1 million dollars in savings by the time he retires at 65. He plans to open a savings account that pays 5% interest compounded quarterly and he will be making $150 quarterly deposits into the account. John will need to make an initial deposit of S dollars in savings at retirement. to reach his goal of 1 million (Hint consider the initiat deposit as a compound interest problem and the quarterly deposits as an annuity and the final amount as the combination of these two parts.) Question Help: Message instructor Submit Question