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Novosadov [1.4K]
4 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]4 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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Answer:

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Step-by-step explanation:

Let the width of the rectangle = k ft

So, the length of the rectangle =  (2k + 8) ft

Perimeter of the rectangle = 95 ft

PERIMETER OF THE RECTANGLE = 2(LENGTH +WIDTH)

⇒ 2( k+ (2k+ 8))  = 95

or,  2( 3k + 8) = 95  ⇒  6k + 16 = 95

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So, the Width of the rectangle = k = 13.16 ft

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3 years ago
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The length of a rectangular garden is 8 feet longer than its width. If the garden's perimeter is 188 feet, what is the area of t
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