Advanced Placement (AP)

Advanced Placement (AP)

Howell

31 March, 21:29

The correct answer is $127,316 but how do you get that answer. I know this from the feedback i received but how do you solve this to get that?

Larry is 32 years old and starting an IRA (individual retirement account). He is going to invest $250 at the beginning of each month. The account is expected to earn 3.5% interest, compounded monthly. How much money, rounded to the nearest dollar, will Larry have in his IRA if he wants to retire at age 58?

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