jacksonshalika
28.10.2020 •
Mathematics
At age 23, someone sets up an IRA (individual retirement account) with an APR of 8%. At the end of each month he deposits $35 in the account. How much will the IRA contain when he retires at age 65? Compare that amount to the total deposits made over the time period
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Ответ:
FV= $146,002.59
Step-by-step explanation:
Giving the following information:
Monthly deposit= $35
Number of periods= (65 - 23)*12= 504 months
Interest rate= 0.08/12= 0.0067
To calculate the future value, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
FV= {35*[(1.0067^504) - 1]} / 0.0067
FV= $146,002.59
Ответ: