Question

At age 19, someone sets up an IRA (individual retirement account) with an APR of 6%. At the end of each month, he deposits $90 in the account. How much will the IRA contain when he retires at age 65?

Name: at age 19 someone sets up an ira individual retirement account with an apr of 6 at the end of each month he deposits 90 in the account how much will the ira contain when he retires at age 65 38017
Uploaded: 2022-10-20T12:50:36-08:00
Duration: 1 min 54 s
Channel: Donna Densmore
Description: at age 19 someone sets up an ira individual retirement account with an apr of 6 at the end of each month he deposits 90 in the account how much will the ira contain when he retires at age 65 38017

          At age 19, someone sets up an IRA (individual retirement
account) with an APR of 6%. At the end of each month, he deposits
$90 in the account. How much will the IRA contain when he retires
at age 65?

Added by Crystal P.

Elementary and Intermediate Algebra

Alan S. Tussy, R. David Gustafson 5th Edition

Instant Answer

Solved by Expert Donna Densmore

10/20/2022

Step 1

Given that the individual starts at age 19 and retires at age 65, the total number of years the individual will be making deposits is 65 - 19 = 46 years. Since there are 12 months in a year, the total number of months the individual will be making deposits is 46 Show more…

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At age 19, someone sets up an IRA (individual retirement account) with an APR of 6%. At the end of each month, he deposits $90 in the account. How much will the IRA contain when he retires at age 65?