Dave has just established an IRA. He will put $25000 into the account at the end of this year and at the end of each yea...
Dave has just established an IRA. He will put $25000 into the account at the end of this year and at the end of each year for 29 (30) total yrs. If the account pays 7% how much will he have at the end of year 30? show work
Homework Answers
Future value of annuity=Annuity[(1+rate)^time period-1]/rate
=25,000[(1.07)^30-1]/0.07
=25,000*94.46078632
=$2361519.66(Approx).
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