At age 18, someone sets up an IRA (individual retirement account) with an APR of 8%. At the end of each month he deposits $100 in the account. How much will the IRA contain when he retires at age 65? Compare that amount to the total deposits made over the time period. After retirement the IRA will contain $ (Do not round until the final answer. Then round to the nearest cent as needed.) The total deposits made over the time period is $
At age 18, someone sets up an IRA (individual retirement account) with an APR of 8%. At the end of each month he deposits $100 in the account. How much will the IRA contain when he retires at age 65? Compare that amount to the total deposits made over the time period. After retirement the IRA will contain $ (Do not round until the final answer. Then round to the nearest cent as needed.) The total deposits made over the time period is $
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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At age 18, someone sets up an IRA (individual retirement account) with an APR of 8%. At the end of each month he deposits $100 in the account. How much will the IRA contain when he retires at age 65? Compare that amount to the total deposits made over the time period.
After retirement the IRA will contain $ (Do not round until the final answer. Then round to the nearest cent as needed.)
The total deposits made over the time period is $
(Type a whole number)
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