At age 26, you start an IRA to save for retirement. You deposit $125 at the end of each month. If you can count on an APR of 5%, compounded monthly, how much total interest (in dollars) will you have earned when you retire at age 687 (Round your answer to the nearest dollar.) $ 1017 x
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- Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the debt in 3 annual installments at the end of each year, which would include interest at 14%. Draw a time line for the problem. Indicate what table to use. Look up the table value and place it in a brief formula. Solve.Suppose that at age 25, you decide to save for retirement by depositing $95 at the end of every month in an IRA that pays 4.25% compounded monthly. How much will you have from the IRA when you retire at age 65? Find the interest. A. $118,696; $73,096 B. $120,485; $62,735 C. $146,390; $100,790 D. $119,567; $73,967At the age of 24, to save for retirement, you decide to deposit $80 at the end of each month in an IRA that pays 5% compounded monthly. a. You will have approximately S in the IRA when you retire. (Do not round until the final answer. Then round to the nearest dollar as needed.) Use the following formula to determine how much you will have in the IRA when you retire at age 65. a. P[(1 + n* - 1] A= or nt - 1 A = b. Find the interest.
- At age 30, to save for retirement, you decide to deposit $100 at the end of each month into an IRA that pays 9.5% compounded monthly. a. How much will you have from the IRA when you retire at age 65? b. Find the interest.At age 25, to save for retirement, you decide to deposit $50 at the end of each month in an IRA that pays 5.5% compounded monthly. Solve, a. How much will you have from the IRA when you retire at age 65? b. Find the interest. (Round answers to the nearest dollar).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.)
- O You deposit $5,000 each year in an individual retirement account (IRA) Paying 4% in terest. How much will you have in your IRA after 18 years 7At the age of 30, to save for retirement, you decide to deposit $70 at the end of each month in an IRA that pays 4% compounded monthly. a. Use the following formula to determine how much you will have in the IRA when you retire at age 65. P[(1+r)²-1] A = A: or (7) b. Find the interest. ID a. You will have approximately $ in the IRA when you retire. (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The interest is approximately $ (Use the answer from part a to find this answer. Round to the nearest dollar as needed.)If you deposit $250 each month into an individual retirement account (IRA) that earns 4.8% interest compounded monthly, a) How much will you have in the account 30 years from now?
- At the age of 33, to save for retirement, you decide to deposit $80 at the end of each month in an IRA that pays 44% compounded monthly A) You will have approximately $ ? in the IRA when you retire. (Do not round until the final answer. Then round to the nearest dollar as needed.) B) The interest is approximately $ ? (Use the answer from part a to find this answer. Round to the nearest dollar as needed.)At the age of 35, to save for retirement, you decide to deposit $90 at the end of each month in an IRA that pays 5% compounded monthly. a. b. Use the following formula to determine how much you will have in the IRA when you retire at age 65. A= A= P[(1+r)²-1] r P -|C Find the interest. or a. You will have approximately $ when you retire. (Do not round until the final answer. Then round to the nearest dollar as needed.) in the IRA b. The interest is approximately $ (Use the answer from part a to find this answer. Round to the nearest dollar as needed.)As part of your retirement plan, you have decided to deposit $6,000 at the beginning of each year into an account paying 3% interest compounded annually. (Round your answers to the nearest cent.) (a) How much (in $) would the account be worth after 10 years? $70846.77 (b) How much (in $) would the account be worth after 20 years? $166058.91 (c) When you retire in 30 years, what will be the total worth (in $) of the account? $294016.07 (d) If you found a bank that paid 6% interest compounded annually rather than 3%, how much (in $) would you have in the account after 30 years? $28460.95 (e) Use the future value of an annuity due formula to calculate how much (in $) you would have in the account after 30 years if the bank in part (d) switched from annual compounding to monthly compounding and you deposited $500 at the beginning of each month instead of $6,000 at the beginning of each year.