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29 May, 14:20

A friend creates an IRA (Individual retirement account) with an APR of 6.25%. She starts the IRA at the age of 25 and deposits $50 at the end of each month. How much will her IRA contain when she retires at the age of 65?

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Answers (2)
  1. 29 May, 14:42
    0
    65 - 25 = 40

    so

    A = [P (1 + i/n) ^nt - 1 ] / (i/n)

    A = [50 (1 + 0.0625 / 12) ^12*40 - 1] / (0.0625 / 12)

    A = $106,596

    answer

    $106,596
  2. 29 May, 16:14
    0
    Choixongdong is pro u guys should give him brainliest
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