If you deposit $250 each month into an individual retirement account (IRA) earning 6% APR interest,...
If you deposit $250 each month into an individual retirement account (IRA) earning 6% APR interest, how much will you have in the account after 25 years?
Homework Answers
please find below answer
| Monthly deposit | 250 | ||
| APR | 6% | ||
| Interest rate compounded monthly= | 6%/12 | 0.50% | |
| Number of period = | =25*12 | 300 | Month |
| we have to use financial calculator.. Put in calculator below- | |||
| PV | 0 | ||
| PMT | -250 | ||
| I | 0.50% | ||
| N | 300 | ||
| Compute FV | $173,248.49 | ||
| Therefore Answer = | $173,248.49 | ||
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