Mathematics, 28.07.2019 12:00 officialkk
Ricky is 24 years old and starting an ira. he is going to invest $200 at the beginning of each month. the account is expected to earn 2.95% interest, compounded monthly. how much money will ricky have in his ira when he retires, at age 65?
Answers: 2
![\bf ~~~~~~~~~~~~\textit{Future Value of an annuity due}\\ ~~~~~~~~~~~~(\textit{payments at the beginning of the period}) \\\\ A=pmt\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right]\left(1+\frac{r}{n}\right) \\\\ ](/tpl/images/0142/7655/35d8b.png)
![\bf A=200\left[ \cfrac{\left( 1+\frac{0.0295}{12} \right)^{12\cdot 41}-1}{\frac{0.0295}{12}} \right]\left(1+\frac{0.0295}{12}\right) \\\\\\ A=200\left[ \cfrac{\left( 1 +\frac{59}{24000}\right)^{492}-1}{\frac{59}{24000}}\right]\left(1+\frac{59}{24000}\right) \\\\\\ A=200\left[ \cfrac{\left( \frac{24059}{24000}\right)^{492}-1}{\frac{59}{24000}}\right]\left(\frac{24059}{24000}\right)\\\\\\A\approx 191398.48860411668565454023](/tpl/images/0142/7655/6dfe3.png)
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Ricky is 24 years old and starting an ira. he is going to invest $200 at the beginning of each month...
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