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gavmur [86]
3 years ago
7

Lisa is 21 years old and starting an IRA (individual retirement account). She is going to invest $50 at the beginning of each mo

nth. The account is expected to earn 2.5% interest, compounded monthly. How much money, rounded to the nearest dollar, will Lisa have in her IRA if she wants to retire at age 52?
A. $28,052
B. $28,111
C. $40,676
D. $40,731
Mathematics
1 answer:
Allushta [10]3 years ago
5 0
FVAD=50[((1+0.025/12)^(12*31)-1)/(0.025/12)]*(1+0.025/12)
FVAD=28110.7 round
FVAD=28111
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