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at age 25, someone sets up an IRA with an APR of 6%. At the end of each month he deposits $35 in the account. How much will the IRA contain when he retires at age 65?

 Jun 9, 2023
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65  -  25 == 40 years.

 

P=35;   R=0.06/12;  N=40*12;    FV=P*((1 + R)^N - 1)/ R

 

FV==$69,702.18 - FV of the IRA after 40 years.

 Jun 9, 2023

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