When Jack started his job working at an industrial manufacturing company, he contributed $660 at the end of each quarter-year into a savings account that earned 2.5% interest compounded quarterly for 8 years. At the end of the 8^th year, Jack was laid off.
Fortunately, Jack didn't have to touch the savings account while he was laid off because his wife's income was able to meet the family expenses.
After being laid off for one year, another job (which paid less than his original job) he started contributing $420 back into the savings account at the end of each and much money would have the account at the quarter-year for the next 6 years.
How much money would Jack have in the account at the end of the 6 years (after returning to work)?
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