Mathematics, 04.07.2019 02:30 kayliehernandez
Afriend creates an ira (individual retirement account) with an apr of 6.25%. she starts the ira at the age of 25 and deposits $50 at the end of each month. how much will her ira contain when she retires at the age of 65? a. $106,435.62 c. $106,601.32 b. $106,595.63 d. $106,613.15
Answers: 1
![\text{FV of annuity}=P[\frac{(1+r)^n-1}{r}]](/tpl/images/0048/6073/238f8.png)
![\Rightarrow \text{FV of annuity}=50[\frac{(1.0052)^{480}-1}{{0.0052}}]](/tpl/images/0048/6073/9fc8c.png)
![\Rightarrow \text{FV of annuity}=50[\frac{12.0556-1}{{0.0052}}]](/tpl/images/0048/6073/359bd.png)
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Afriend creates an ira (individual retirement account) with an apr of 6.25%. she starts the ira at t...
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