crystalquick
contestada

Lonny is 42 years old and starting an IRA(individual retirement account). He is going to invest $350 at the beginning of each month. The account is expected to earn 1.5% interest, compounded monthly. How much money, rounded to the nearest dollar, will Lonny have in his IRA if he wants to retire at age 62? (show work)

A= $97.890
B= $98,012
C= $48,909
D= $49,032

Respuesta :

Alishameeks
F = A ((1+i)^n -1) / i)

350[(1+i)^240 + (1+i)^239+1 

.015/12= .00125

350 (1+.015)^240-1) ÷.015)

350[(1+i)^240 -1]/i= 97,889.66

It wants you to round to the nearest dollar so the answer would be A) $97.890



Aliwohaish12
FVAD=350×(((1+0.015÷12)^(12×20)
−1)÷(0.015÷12))×(1+0.015÷12)
FVAD=98,012.02

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