Her IRA interest at the end of 30 years is mathematically given as
Interest= 438,765.56
<h3> IRA interest </h3>
Question Parameters:
- N = 30
- PV = 0
- rate = 5%
- FV = 800,000
Generally the equation for the payment function on excel is mathematically given as
A=PMT(rate, nper, pv, [fv], [type])
Therefore, inputting our functions
A=PMT(rate, nper, pv, [fv], [type])
where
A=PMT(5%, 30, 0, [800000], [])
A = 12,041.1481
Hence
interest = 800,000 - 30*12,041.1481
Interest= 438,765.56
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