Question

An Individual Retirement Account (IRA) has $15,000 in it, and the owner decides not to add any more money to the account other than interest earned at 5% compounded daily. How much will be in the account 39 years from now when the owner reaches retirement age?

Answer 1

$105.416.

Explanation:

Amount after 39 years

= 15000( 1 + 0.05/365)^(39*365)

= $105.416