The future amount in the account (Roth IRA) is equal to: D. $180,488. 86.
<u>Given the following data:</u>
- Principal = $4,291
- Interest rate = 2.23%
- Time = 30 years
To determine the future amount in the account:
Mathematically, the compound interest for this Roth IRA is given by the formula:
<u>Where:</u>
- P is the principal.
- r is the interest rate.
- t is the number of years.
- A is the future amount.
Substituting the given parameters into the formula, we have;
A = $180,488.86
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