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).
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 14E
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Can someone please verify if my answer is correct and explain why if it is not. thank you.
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd9e1f41e-a0bf-4946-b0e9-8d62355fe401%2F7821461a-0a9f-4a38-afb0-3ec40f09b572%2Fdc0m6sn_processed.jpeg&w=3840&q=75)
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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