At age 23​, someone sets up an IRA​ (individual retirement​ account) with an APR of 7​%. At the end of each month he deposits ​$20 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.

Q: Melanie invests $13,000 at 13% simple interest for 1 year. How much is in the account at the end of…

A: Substitute 13000 for P, 13% for r and 1 year for t in the simple interest formula I=Prt and…

Q: eposits $8600 in a bank account that pays a simple interest rate of 6.5% per annum. find how long it…

A: Given that  Principal amount (P) = $8600 Interest rate (R) = 6.5% per annum = 0.065   We know that…

Q: You put ​$350 per month in an investment plan that pays an APR of 4.5​%. How much money will you…

A: let   P = $350 the principal invested r = 0.045 or 4.5% annual interest rate   t = 21 years

Q: Michelle Payne deposited $12,000 in a savings account paying 6.25% simple interest. How long (in…

A: we will use the formula of simple interest: I=p×r×t100 ---------- (i) and A=p+I ---------(ii) where,…

Q: You have $400,000 saved for retirement. Your account earns 7% interest. How much will you be able to…

A: We have to solve the given problem.