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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.
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- 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 30, to save for retirement, you decide to deposit $300 into an IRA at the end of each month at an interest rate of 6% per year compounded monthly. How much will you have from the IRA when you retire at age 65? Use this formula: Find how much of the total amount is from interest.At 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.)
- At 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.To save for retirement, you decide to deposit $100 at the end of each month in an IRA that pays 5.5% compounded monthly. How much will you have from the IRA after 30 years? Find the interest.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?
- Use the formula for the value of an annuity to solve:To save for retirement, you decide to deposit $100 at the end of each month in an IRA that pays 5.5% compounded monthly. a. How much will you have from the IRA after 30 years? b. Find the interest.Round to the nearest dollar.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 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.)
- Suppose you wish to retire at the age of 65 with $80,000 in savings. Determine your monthly payment into an IRA if the APR is 7.5% and you begin making payments at 20 years of age.At age 25, to save for retirement, you decide to deposit $250 at the end of each month into an IRA that pays 8.1% compounded monthly. How much would you have in the IRA when you retire at age 60?At the age of 24, you start depositing $200 each month into an IRA that pays 3.75% interest, compounded monthly. How much money will you have in the IRA if you retire at age 67?