A friend creates an IRA (Individual retirement account) with an APR of 6.25%. She starts the IRA at the age of 25 and deposits $
2 answers:
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Answer:
There are two possibilities:
and
and
Step-by-step explanation:
Mathematically speaking, the statement is equivalent to this 2-variable non-linear system:
First, is cleared in the first equation:
Now, the variable is substituted in the second one:
And some algebra is done in order to simplify the expression:
Roots are found by means of the General Equation for Second-Order Polynomials:
and
There are two different values for :
There are two possibilities:
and
and