At age 20, to save for retirement, Rebecca decides to deposit 80$ at the end of each month in an IRA that pays 6.2% compounded monthly. Use the formula for the value of an annuity. A=P[(1+r/n)^nt-1]/(r/n)

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asked Jul 12, 2022 176k views

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At age 20, to save for retirement, Rebecca decides to deposit 80$ at the end of each month in an IRA that pays 6.2% compounded monthly. Use the formula for the value of an annuity.

A=P[(1+r/n)^nt-1]/(r/n)

How much money will be in the IRA when Rebecca retires?

How much interest will the IRA have gained?