Ed turns 34 and deposits $100 at the end of each month in IRA that earns 9% interest p.A compounded monthly. Find how much will
be in the IRA if Ed retires at the age 60.
1 answer:
Answer:
FV= $123,879.85
Step-by-step explanation:
Giving the following information:
Montlhy deposit (A)= $100
Monthly interest rate (i)= 0.09/12= 0.0075
Number of periods (n)= 12*26= 312 months
<u>To calculate the future value, we need to use the following formula:</u>
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
FV= {100*[(1.0075^312) - 1]} / 0.0075
FV= $123,879.85
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