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E At age 22, someone sets up an IRA (individual retirement account) with an APR of 7%. At the end of each month he deposits $35 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. ***** After retirement the IRA will contain $ 114,664.54. (Do not round until the final answer. Then round to the nearest cent as needed.) The total deposits made over the time period is $ (Type a whole number.)

E At age 22, someone sets up an IRA (individual retirement account) with an APR of 7%. At the end of each month he deposits $35 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. ***** After retirement the IRA will contain $ 114,664.54. (Do not round until the final answer. Then round to the nearest cent as needed.) The total deposits made over the time period is $ (Type a whole number.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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E el At age 22, someone sets up an IRA (individual retirement account) with an APR of 7%. At the end of each month he deposits $35 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. ***** After retirement the IRA will contain $ 114,664.54. (Do not round until the final answer. Then round to the nearest cent as needed.) The total deposits made over the time period is $ (Type a whole number.)
Transcribed Image Text:E el At age 22, someone sets up an IRA (individual retirement account) with an APR of 7%. At the end of each month he deposits $35 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. ***** After retirement the IRA will contain $ 114,664.54. (Do not round until the final answer. Then round to the nearest cent as needed.) The total deposits made over the time period is $ (Type a whole number.)
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