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At age 25 someone sets up an IRA (individual retirement account) with an APR of 4%. At the end of each month he deposits $85...Asked by joseph
At age 18, someone sets up an IRA (individual retirement account) with an APR of 4%. At the end of each month he deposits $40 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.
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Answered by
oobleck
just plug your numbers into the future value formula for annuities.
deposits made are (65-18)*12*40
deposits made are (65-18)*12*40
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