At age 18​, someone sets up an IRA​ (individual retirement​ account) with an APR of 4​%. At the end of each month he deposits ​$100 in the account. How much will the IRA contain when he retires at age​ 65? Compare that amount to the total deposits made over the time period.       Question content area bottom Part 1 After retirement the IRA will contain ​$enter your response here. ​(Do not round until the final answer. Then round to the nearest cent as​ needed.) Part 2 The total deposits made over the time period is ​$enter your response here. ​(Type a whole​ number.)

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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At age
18​,
someone sets up an IRA​ (individual retirement​ account) with an APR of
4​%.
At the end of each month he deposits
​$100
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.
 
 
 

Question content area bottom

Part 1
After retirement the IRA will contain
​$enter your response here.
​(Do not round until the final answer. Then round to the nearest cent as​ needed.)
Part 2
The total deposits made over the time period is
​$enter your response here.
​(Type a whole​ number.)
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