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.)
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
Section: Chapter Questions
Problem 1PS
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Question
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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