1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
liubo4ka [24]
2 years ago
12

A) Patty Stacey deposits $2600 at the end of each of 5 years in an IRA. If she leaves the money that has accumulated in the IRA

account for 25 additional years, how much is in her account at the end of the 30-year period? Assume an interest rate of 10%, compounded annually. (Round your answer to the nearest cent.)
$

(b) Suppose that Patty's husband delays starting an IRA for the first 10 years he works but then makes $2600 deposits at the end of each of the next 15 years. If the interest rate is 10%, compounded annually, and if he leaves the money in his account for 5 additional years, how much will be in his account at the end of the 30-year period? (Round your answer to the nearest cent.)
$


(c) Does Patty or her husband have more IRA money?
Mathematics
1 answer:
ruslelena [56]2 years ago
8 0

Answer:

From the question, Stacey deposits $2600 six times over a thirty year period since she makes the deposit every five years. Her amount accures by the formular. A = P(1+r/n)^nt. Where her principal P = $2,600. Rate, r =6% =0.06. Time = 30 years and the period of compounding per unit time, n = 6 years. So we have A =2, 600(1+(0.06/6))^(6*30) = 2, 600 (1 + 0.01)^(180) = 2600* 5.9958 = $15, 587. To the nearest cent we have $15, 590.

Step-by-step explanation:

:)

You might be interested in
What is the ratio of the number of days in the week that begin with the letter "T" to the number of days in the week that do not
ioda

Answer:

2:5

Step-by-step explanation:

3 0
2 years ago
Read 2 more answers
Help to solve. B. Present in the form of a fraction.
Studentka2010 [4]
I hope this helps you

8 0
3 years ago
Read 2 more answers
A=-2.3t-7<br> How fast did mr.mole descend?
zaharov [31]

Answer:

i am sorry i need points i don't have an answer

Step-by-step explanation:

7 0
3 years ago
Read 2 more answers
A sphere is dilated by a scale factor of 1.5 to create a new sphere. How does the volume of the new sphere compare with the volu
Vladimir [108]
Hmm, I am pretty sure the answer is A.
7 0
3 years ago
Read 2 more answers
What is: <br> 8x - 2(4 + 3x)
Angelina_Jolie [31]
8x-2(4+3x) =0\\ 8x-8-6x=0 \\ 2x-8=0 \\ 2x=8 \\ x=4
6 0
3 years ago
Read 2 more answers
Other questions:
  • The back of Dante's property is a creek. Dante would like to enclose a rectangular area, using the creek as one side and fencing
    14·1 answer
  • A=L times W
    13·1 answer
  • The weighted moving average forecast for the 5th period, with weights of 0.15 for period 1, 0.20 for period 2, 0.25 for period 3
    12·1 answer
  • Yvonne put $4,00 in a savings account. At the end of three years, the account had earned $960 in simple interest.
    15·1 answer
  • What is 5x5?ercenhru4hf
    8·2 answers
  • Given: measure of arc PIV = 7/2 times measure of arc PKV<br><br> PKV<br><br> Find: m∠VPJ
    13·1 answer
  • a biologist counted 10,000 migrating monarch butterflies. how do you express 10,000 as a power of 10​
    15·2 answers
  • I need help with this question
    11·2 answers
  • During an intrumural basketball game, Team A scored 12 fewer points than Team B. Together, both teams scored a total of 144 poin
    5·1 answer
  • Please help me with this question ASAP
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!