Question

at age 25 ​, someone sets up an ira​ (individual retirement​ account) with an apr of ​6%. at the end of each month he deposits ​$85 in the account. how much will the ira contain when he retired at age​ 65? compare that amount to the total deposits made over the time period.

Answer 1

Answer: This is what the balance in the IRA should be after 40 years.

Total deposits should be =$75 x 40 years x 12 months =$36,000

$196,861 - $36,000 =$160,861 was interest earned over 40-year period.

P.S. Do the math in the above formula and you should get the same answer that I got!!.

Guest Oct 19, 2017

Step-by-step explanation: im sure thats the answer