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corvettapj6583
24.11.2019 •
Mathematics
Bob makes his first $ 1, 100 deposit into an ira earning 6.8 % compounded annually on his 24th birthday and his last $1, 100 deposit on his 36th birthday (13 equal deposits in all). with no additional deposits, the money in the ira continues to earn 6.8 % interest compounded annually until bob retires on his 65th birthday. how much is in the ira when bob retires?
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Ответ:
$133991.2
Step-by-step explanation:
Bob makes his first $1000 deposit into an IRA earning 6.8% compounded annually on his 24th birthday and his last $1000 deposit on his 36th birthday (13 equal deposits in all).
Therefore, till his retirement on his 65th birthday, the first deposit of $1000 will compound for (65 - 24) = 41 years.
His second deposit of $1000 will compound for 40 years and so on up to his 13th deposit of $1000, which will be compounded for ( 65 - 36) = 29 years.
Therefore, after retirement in his IRA there will be total
$
dollars
= $![1000[1.068^{41} + 1.068^{40} + 1.068^{39} + .......... + 1.068^{29}]](/tpl/images/0388/6238/07761.png)
So, this is a G.P. whose number of terms is 13, the first term is
and common ratio is 1.068, then using formula for sum of G.P. we get,
= $![1000\times (1.068)^{29} [\frac{(1.068)^{13} - 1}{1.068 - 1} ]](/tpl/images/0388/6238/92d37.png)
= $![(1000 \times 6.74 \times 19.88)](/tpl/images/0388/6238/9ba1b.png)
= $133991.2 (Answer)
Ответ:
if you take 85/5 it equals 17