At age 25, someone sets up an IRA (individual retirement account) with an APR of 4%. At the end of each month he deposits $55 in the account. How much will the IRA contain when he retires at age 65? Compare that amount to the total deposits made over the time period.
Added by Jennifer M.
Step 1
First, we need to find out how many years the person will be depositing money into the IRA. Since he starts at age 25 and retires at age 65, he will be depositing money for 65 - 25 = 40 years. Show more…
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At age 24, someone sets up an IRA (individual retirement account) with an APR of 8%. At the end of each month he deposits $35 in the account. How much will the IRA contain when he retires at age 65? Compare that amount to the total deposits made over the time period. After retirement the IRA will contain $______.
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