This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Dan plans to fund his individual retirement account (IRA) with a maximum contribution of 2,000 at ... (Read 101 times)

plus1

  • Hero Member
  • *****
  • Posts: 676
on: Jul 10, 2018
Dan plans to fund his individual retirement account (IRA) with a maximum contribution of 2,000 at the end of each year for the next 10 years.
 
  If Dan can earn 10 percent on his contributions, how much will he have at the end of tenth year? (Round to the nearest whole dollar)
  A) 12,290
  B) 20,000
  C) 31,875
  D) 51,880
  E) 27,468

Question 2

Joe expects to receive a gift of 1,000 when he graduates one year from today. Joe can invest his gift at 6 compounded annually and he would like to use the funds in four years to purchase an engagement ring for Mabel.
 
  How much will he have in four years to spend on a ring?
  A) 1,191.02
  B) 1,180.00
  C) 1,200.00
  D) 1,262.48
  E) 1,175.00


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

1_Step_At_ATime

  • Sr. Member
  • ****
  • Posts: 342
Reply #1 on: Jul 10, 2018
Answer to Question 1

C

Answer to Question 2

A


plus1

  • Member
  • Posts: 676
Reply 2 on: Jul 10, 2018
Excellent

Animal_Goddess

  • Member
  • Posts: 339
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Prostaglandins were first isolated from human semen in Sweden in the 1930s. They were so named because the researcher thought that they came from the prostate gland. In fact, prostaglandins exist and are synthesized in almost every cell of the body.

Did you know?

The U.S. Pharmacopeia Medication Errors Reporting Program states that approximately 50% of all medication errors involve insulin.

Did you know?

The eye muscles are the most active muscles in the whole body. The external muscles that move the eyes are the strongest muscles in the human body for the job they have to do. They are 100 times more powerful than they need to be.

Did you know?

The Centers for Disease Control and Prevention has released reports detailing the deaths of infants (younger than 1 year of age) who died after being given cold and cough medications. This underscores the importance of educating parents that children younger than 2 years of age should never be given over-the-counter cold and cough medications without consulting their physicians.

Did you know?

In 2012, nearly 24 milliion Americans, aged 12 and older, had abused an illicit drug, according to the National Institute on Drug Abuse (NIDA).

Jaundice. Photograph of an individual with liver disease, evidenced by the yellowing of the sclera o Jaundice. Photograph of an individual with liver disease, evidenced by the yellowing of the sclera o
Location of point of maximum effort Location of point of maximum effort
Agonists, partial agonists, and antagonists: (a) An agonist results in maximum response. (b) A ... Agonists, partial agonists, and antagonists: (a) An agonist results in maximum response. (b) A ...
The melting of glaciers and ice sheets is making an increasing contribution The melting of glaciers and ice sheets is making an increasing contribution
Prepare for weekend plans when hours feel like minutes Prepare for weekend plans when hours feel like minutes
Jamal plans to retire in 17 years. He is saving $2000 every start of the month in a retirement ... Jamal plans to retire in 17 years. He is saving $2000 every start of the month in a retirement ...
Video: Glucose anabolism reactions: Glycogenolysis and Gluconeogenesis

For a complete list of videos, visit our video library