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At age 21, someone sets up an IRA (individual retirement account) with an APR of 4%. At the end of each month he deposits $55 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.) MFY

At age 21, someone sets up an IRA (individual retirement account) with an APR of 4%. At the end of each month he deposits $55 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.) MFY

Elementary Algebra
Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter1: Foundations
Section1.2: Use The Language Of Algebra
Problem 179E: Car insurance Justin’s car insurance has a $750 deductible per incident. This means that he pays...
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At age 21, someone sets up an IRA (individual retirement account) with an APR of 4%. At the end of each month he deposits $55 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.) MFY
Transcribed Image Text:At age 21, someone sets up an IRA (individual retirement account) with an APR of 4%. At the end of each month he deposits $55 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.) MFY
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