Alani plans to invest $500 into an IRA at the beginning of every month for the next 20 years. She expects to earn 11.00% annually on the IRA. How much will Alani have in the account after the 20 years of monthly investments? Enter your answer as a positive number (round to the nearest dollar if necessary).
Alani plans to invest $500 into an IRA at the beginning of every month for the next 20 years. She expects to earn 11.00% annually on the IRA. How much will Alani have in the account after the 20 years of monthly investments? Enter your answer as a positive number (round to the nearest dollar if necessary).
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Can someone please verify if my answer is correct and explain why if it is not. thank you.
Transcribed Image Text:Alani plans to invest $500 into an IRA at the beginning of every month for
the next 20 years. She expects to earn 11.00% annually on the IRA. How
much will Alani have in the account after the 20 years of monthly
investments?
Enter your answer as a positive number (round to the nearest dollar if
necessary).
$
436,786.53
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