If you set aside $9000 at the end of each year for the next 22 years in a Roth IRA, how much will you have at your retirement 22
years from today if your IRA earns 7.8% annual percentage rate (APR) with quarterly compounding?
1 answer:
Answer:
$501,049.37
Step-by-step explanation:
For computing the amount after 22 years we need to applied the future value which is shown in the attachment below:
Given that
PMT = $9,000
NPER = 22 years
Annual rate = 0.078
Quarterly= 0.078 ÷ 4 = 0.0195
Effective annual rate = (1.0195^4) - 1 = 0.0803113041
Now applied the formula which is given below
= -FV(RATE;NPER;PMT;PV)
After applying the above formula, the future value is $501,049.37
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