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Dave plans to deposit $3,300 in an IRA account on April 15, Year 1. The account will earn 3% annually. If he makes this $3,300 deposit on April 15 of each of the next 14 years (total of 15 deposits), how
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Dave plans to deposit $3,300 in an IRA account on April 15, Year 1. The account will earn 3% annually. If he makes this $3,300 deposit on April 15 of each of the next 14 years (total of 15 deposits), how much will he have on April 14, Year 16?

User Gigaduck
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1 Answer

6 votes

Answer:

63218

Step-by-step explanation:

Annuity -3300

FVAD (from table) at 15years, 3% = 19.1569

Future value = 63217.77=63218

User Kurtko
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