You put $5,000 per year in an IRA earning 10% a year starting when you graduate and stop 15 years later. How much will you have for retirement, 30 years after you stop depositing, if the account continues to earns 10% a year?

Question

You put $5,000 per year in an IRA earning 10% a year starting when you graduate and stop 15 years later. How much will you have for retirement, 30 years after you stop depositing, if the account continues to earns 10% a year?
A) $158,862       B) $2,772,054      C) $1,995 420      D) $4,320,889

Reiny · Answer

What is 5000(1.1^15 - 1)/.1 * 1.1^30 ?