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Novosadov [1.4K]
3 years ago
14

Bob makes his first $1000 deposit into an IRA earning 6.4% compounded annually on his 24th birthday and his last $1000 deposit o

n his 35th birthday (12 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 6.4% interest compounded annually until Bob retires on his 65th birthday. How much is in the IRA when Bob retires?
Mathematics
1 answer:
snow_lady [41]3 years ago
8 0

Answer:

He would have $111,050.77 in the IRA.

Step-by-step explanation:

<u>What we know</u>:

The PMT is $1000

Rate of Interest (i in the formula) is 6.4% or 0.064 in decimal form

Number of periods (n) is 12

-

<u>Equation (Future Value Formula)</u>:

FV = PMT ( (1+i)^n -1) / i)

= 1000 ( (1+0.064)^12 -1) / 0.064)

FV = 17,269.22 (rounded)

-

A stands for amount

T stands for time period which is 30

<u>Finding IRA</u>:

A = FV (1+i)^t

= 17,269.22 (1+0.064)^30

= $111,050.77

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3 years ago
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Step-by-step explanation:

You can do this using the quadratic equation:

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Now we plug in our coefficients and solve:

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We solve for both to determine the positive one:

x =\dfrac{-12+ \sqrt{12^{2}-4(4)(-135)}}{2(4)}              x =\dfrac{-12- \sqrt{12^{2}-4(4)(-135)}}{2(4)}

x =\dfrac{-12+ \sqrt{144+2160}}{8}                        x =\dfrac{-12- \sqrt{144+2160}}{8}

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