Question

contribution can grow to almost $160,000 in 45 years, but it's even more exciting to see what happens when Britney makes saving a habit. If she contributes $5,000 annually to her Roth IRA for 45 years, and if she leaves the money to earn an average 8% return, her retirement savings will total over $1.93 million. Create a table with rows for ages 20 65 that verifies this claim. Calculate the total earned interest. Amount in Account Age 20 21 Interest

(Excel Formulas must be shown)

Answer 1

Solution:

Interest rate 8% Amount in Account Interest $400.00 $832.00 $5,000.00 $10,400.00 $16,232.00$1,298.56 $22,530.56$1,802.44 $29,333.00 $2,346.64 $36,679.65$2,934.37 $44,614.02 $3,569.12 $53,183.14$4,254.65 $62,437.79$4,995.02 $72,432.81$5,794.62 $83,227.44 $94,885.63$7,590.85 $107,476.48 $8,598.12 $121,074.60$9,685.97 $135,760.57$10,860.85 $151,621.42 $12,129.71 $168,751.13$13,500.09 $187.251,22 $14.980,10 4 20 21 23 24 25 2б 27 28 29 30 31 32 9 $6,658.19 34. 35 36 20
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