Post by: @Brianna17 on Feb 2, 2020
Question 1
Solve the problem. Round to the nearest dollar.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.
◦ $119,567; $73,967
◦ $12,735,807,037,013; $12,735,806,991,413
◦ $146,390; $100,790
◦ $118,696; $73,096
Question 2
Determine the periodic deposit. Round up to the nearest dollar. How much of the financial goal comes from deposits and how much comes from interest?A =
A = 
P = 
Periodic Deposit: $? at the end of each year
Rate: 8% compounded annually
Time: 12 years
Financial Goal: $82,000
◦ $6667; $80,004 from deposits and $1996 from interest
◦ $4926; $59,112 from deposits and $22,888 from interest
◦ $4321; $51,852 from deposits and $30,148 from interest
◦ $7709; $46,254 from deposits and $35,746 from interest
Post by: maaaaaaaaaa on Feb 2, 2020
Answer 1
$119,567; $73,967Answer 2
$4321; $51,852 from deposits and $30,148 from interestPost by: Justin Berrios on Nov 1, 2020
Post by: Nadia Elmasri on Mar 11, 2021