Karla is 32 years old and just opened an IRA with an APR (Annual Percentage Rate) of 3.71% compounded monthly. If she wants to retire at age 63 with 3.25 million dollars, how much should she deposit into the account each month?
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- Rachel starts an IRA (Individual Retirement Account) at the age of 26 to save for retirement. She deposits $300 each month. The IRA has an average annual interest rate of 8% compounded monthly. How much money will she have saved when she retires at the age of 65? Round your answer to the nearest cent, if necessary.Molly starts an IRA (Individual Retirement Account) at the age of 24 to save for retirement. She deposits $400 each month. The IRA has an average annual interest rate of 7% compounded monthly. How much money will she have saved when she retires at the age of 65? Round your answer to the nearest cent, if necessaryTaylor starts an IRA (Individual Retirement Account) at the age of 26 to save for retirement. She deposits $300 each month. The IRA has an average annual interest rate of 5% compounded monthly. How much money will she have saved when she retires at the age of 65? Round your answer to the nearest cent, if necessary. Formulas
- Hailey starts an IRA (Individual Retirement Account) at the age of 22 to save for retirement. Shedeposits $450 each month. The IRA has an average annual interest rate of 8% compounded monthly.How much money will she have saved when she retires at the age of 65? Round your answer to thenearest cent, if necessary.Marilyn wishes to retire at age 65 with $2,000,000 in the bank. At the age 21, she decides to begin depositing money into an account with an APR of 11%. What is the monthly payment Marilyn must make in order to make this happen?Carla Lopez deposits $2,500 a year into her retirement account. If these funds have an average earnings of 5 percent over the 40 hears until her retirement, what will be the value of her retirement account?
- Andrea, a self-employed individual, wishes to accumulate a retirement fund of $250,000. How much should she deposit each month into her retirement account, which pays interest at a rate of 4.5%/year compounded monthly, to reach her goal upon retirement 20 years from now? (Round your answer to the nearest cent.Jennifer is planning her retirement. She currently has $6,783 in an IRA account that will return 8% per annum as long as she keeps the money on deposit. She will save $2,000 at the end of each year for the next 32 years until she retires in an account that she expects will earn 7% per annum. How much will she have when she retires?At age 27, Laura deposited $1000 into an IRA, it earns 7 7/8% compounded monthly. A. What will it be worth when she retires at 65? B. How much would it be worth if she didn't set it up until she was 35?
- Sara decides to set up a retirement fund by depositing $24 at the end of each day for 13 years. How much will she have then, if the interest rate is 6.48% compounded weekly and her account starts with $13487 already deposited?Andrea, a self-employed individual, wishes to accumulate a retirement fund of $400,000. How much should she deposit each month into her retirement account, which pays interest at a rate of 5.5%/year compounded monthly, to reach her goal upon retirement 35 yr from now? (Round your answer to the nearest cent.)Ginger Rogers deposits $3,000 a year into her retirement account. If these funds have an average earning of 8 percent over the 40 years until her retirement, what will be the value of her retirement account?