Question

At age 27, Asha deposited $4,000 into an IRA, where it earns 9.8 % interest compounded monthly. What will it be worth when she is thirty-five?

Answer 1

The amount when she is 35 is $8,733.01221.

Explanation:

Given that,

The deposited amount is $4,000.

The rate of interest is 9.8%.

The time is 8 years.

Based on the above information, the calculation is as follows:

= $8,733.01221

Therefore we can conclude that The amount when she is 35 is $8,733.01221.