17. Eduardo is a 40-year-old individual who plans to retire at age 65. Between now and then, $2000 is paid annually into his IRA
account, which is anticipated to pay 5% compounded annually. How much will be in the account upon Eduardo's retirement?
1 answer:
Answer:
FV= $95,454.20
Step-by-step explanation:
Giving the following information:
Annual deposit= $2,000
Number of periods= 25 years
Interest rate= 5% compounded annually
<u>To calculate the future value of the annual deposits, we need to use the following formula:</u>
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
FV= {2,000*[(1.05^25) - 1]} / 0.05
FV= $95,454.20
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