At the age of 24, to save for retirement, you decide to deposit $80 at the end of each month in an IRA that pays 5% compounded monthly. Use the following formula to determine how much you will have in the IRA when you retire at age 65. a. P[(1 +n* - 1] A = or nt A = b. Find the interest.
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- At the age of 30, to save for retirement, you decide to deposit $70 at the end of each month in an IRA that pays 4% compounded monthly. a. Use the following formula to determine how much you will have in the IRA when you retire at age 65. P[(1+r)²-1] A = A: or (7) b. Find the interest. ID a. You will have approximately $ in the IRA when you retire. (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The interest is approximately $ (Use the answer from part a to find this answer. Round to the nearest dollar as needed.)At the age of 35, to save for retirement, you decide to deposit $90 at the end of each month in an IRA that pays 5% compounded monthly. a. b. Use the following formula to determine how much you will have in the IRA when you retire at age 65. A= A= P[(1+r)²-1] r P -|C Find the interest. or a. You will have approximately $ when you retire. (Do not round until the final answer. Then round to the nearest dollar as needed.) in the IRA b. The interest is approximately $ (Use the answer from part a to find this answer. Round to the nearest dollar as needed.)At the age of 33, to save for retirement, you decide to deposit $80 at the end of each month in an IRA that pays 44% compounded monthly A) You will have approximately $ ? in the IRA when you retire. (Do not round until the final answer. Then round to the nearest dollar as needed.) B) The interest is approximately $ ? (Use the answer from part a to find this answer. Round to the nearest dollar as needed.)
- Suppose that at age 25, you decide to save for retirement by depositing $95 at the end of every month in an IRA that pays 4.25% compounded monthly. How much will you have from the IRA when you retire at age 65? Find the interest. A. $118,696; $73,096 B. $120,485; $62,735 C. $146,390; $100,790 D. $119,567; $73,967At age 25, to save for retirement, you decide to deposit $50 at the end of each month in an IRA that pays 5.5% compounded monthly. Solve, a. How much will you have from the IRA when you retire at age 65? b. Find the interest. (Round answers to the nearest dollar).At age 30, to save for retirement, you decide to deposit $100 at the end of each month into an IRA that pays 9.5% compounded monthly. a. How much will you have from the IRA when you retire at age 65? b. Find the interest.
- Due Suppose that at age 25, you decide to save for retirement by depositing $230 at the end of every month in an IRA that pays 4.5% compounded monthly. ns /21 2) (a) How much will you have from the IRA when you retire at age 59? dollars (Round to the nearest dollar.) sion (b) Find the interest, dollars (Round to the nearest dollar.) Formulas: P(1+ )"-1] () A A() . PAs part of your retirement plan, you have decided to deposit $6,000 at the beginning of each year into an account paying 3% interest compounded annually. (Round your answers to the nearest cent.) (a) How much (in $) would the account be worth after 10 years? $70846.77 (b) How much (in $) would the account be worth after 20 years? $166058.91 (c) When you retire in 30 years, what will be the total worth (in $) of the account? $294016.07 (d) If you found a bank that paid 6% interest compounded annually rather than 3%, how much (in $) would you have in the account after 30 years? $28460.95 (e) Use the future value of an annuity due formula to calculate how much (in $) you would have in the account after 30 years if the bank in part (d) switched from annual compounding to monthly compounding and you deposited $500 at the beginning of each month instead of $6,000 at the beginning of each year.You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.
- You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the fifth year. B. Use the future value of $1 table in Appendix B and verity that your answer is correct.Assume that you contribute $150 per month to a retirement plan for 20 years. Then you can increase the contribution to $274 per month for another 20 years, and finally, $424 per month for the last 10 years. Given a 7 percent interest rate, what is the value of your retirement plan after the 50 years? Note: Do not round intermediate calculations and round your final answer to 2 decimal places. Value of retirement assetsAt age 30, to save for retirement, you decide to deposit $300 into an IRA at the end of each month at an interest rate of 6% per year compounded monthly. How much will you have from the IRA when you retire at age 65? Use this formula: Find how much of the total amount is from interest.