contestada

You set up an IRA with an APR of 2.5% at age 35. At the end of each month, you deposit $102 in the account. How much will the IRA contain when you retire at the age of 65?

Respuesta :

Aliwohaish12
The formula of the future value of annuity ordinary is

Fv=pmt [(1+r/k)^(kn)-1)÷(r/k)]
Fv future value?
PMT monthly deposits 102
R interest rate 0.025
K compounded monthly 12
N time 65−35=30 years

Fv=102×(((1+0.025÷12)^(12
×30)−1)÷(0.025÷12))
=54,607.49

Hope it helps

Otras preguntas