If you deposit $250 each month into an individual retirement account (IRA) earning 5% interest, how...

Question

Question

If you deposit $250 each month into an individual retirement account (IRA) earning 5% interest, how much will you have in the account after 30 years?

business finance

Answer 1

Answer #1

The solution to the given question is provided below:
Amount after 30 years=250/(5%/12)*((1+5%/12)^(12*30)-1)=208064.6588

Answer 2

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