Use the savings plan formula to answer the following question. A friend has an IRA with an APR of 6.25% She started the IRA at a

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Marina86 [1]

2 years ago

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Use the savings plan formula to answer the following question. A friend has an IRA with an APR of 6.25% She started the IRA at a

ge 24 and deposits $100 per month. How much will her IRA contain when she retires at age 65

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1 answer:

NISA [10] · Answer 1 · 2023-09-23T13:06:30+03:00

7.26% IRA contain when she retires at age 65

In the United States, an individual retirement arrangement (IRA) is a type of pension offered by many financial institutions that provides tax benefits for retirement savings. It is a trust that holds investment assets purchased with a taxpayer's earned income in order to benefit the taxpayer in old age.

To contribute to a Roth IRA as a single person, your Modified Adjusted Gross Income (MAGI) must be less than $140,000 for the tax year 2021 and less than $144,000 for the tax year 2022, and if you're married and filing jointly, your MAGI must be less than $208,000 for the tax year 2021 and less than $214,000 for the tax year 2022.

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