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.
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.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 13E
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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.
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