An Individual Retirement Account (IRA) has $9 comma 000 in it, and the owner decides not...
An Individual Retirement Account (IRA) has $9 comma 000 in it, and the owner decides not to add any more money to the account other than interest earned at 8 % compounded daily. How much will be in the account 29 years from now when the owner reaches retirement age? Round to the nearest cent. Use a 365-day year.
Homework Answers
We use the formula:
A=P(1+r/365)^365n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=9000*(1+0.08/365)^(365*29)
=9000*10.17
=$91,530.
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