At the age of 32, to save for retirement, you decide to deposit $70 at the end of each month in an IRA that pays 4.5% compounded monthly. a. 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)-1] r -|C b. Find the interest. nt or D 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 32, to save for retirement, you decide to deposit $70 at the end of each month in an IRA that pays 4.5% compounded monthly. a. 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)-1] r -|C b. Find the interest. nt or D 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.)
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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Question
![At the age of 32, to save for retirement, you decide to
deposit $70 at the end of each month in an IRA that pays
4.5% compounded monthly.
a. 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)-1]
r
L|C
b. Find the interest.
nt
or
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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd8776e5e-a1de-48d6-ac3e-f9f0f44d4219%2F7f6f9795-5916-407c-9cd6-3dd59f258a01%2Fzikoih_processed.jpeg&w=3840&q=75)
Transcribed Image Text:At the age of 32, to save for retirement, you decide to
deposit $70 at the end of each month in an IRA that pays
4.5% compounded monthly.
a. 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)-1]
r
L|C
b. Find the interest.
nt
or
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.)
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