Question
Michael invested $1600 per half-year in an IRA each half-year for 9 years earning 9% compounded semi-annually.
At the end of 9 years he ceased the IRA payments, but continued to invest his accumulated amount at 10% compounded yearly for the next 8 years.
a) What was the value of his IRA at the end of 9 years?
Answer = $
b) What was the value of the investment at the end of the next 8 years?
Answer = $
At the end of 9 years he ceased the IRA payments, but continued to invest his accumulated amount at 10% compounded yearly for the next 8 years.
a) What was the value of his IRA at the end of 9 years?
Answer = $
b) What was the value of the investment at the end of the next 8 years?
Answer = $