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1.Use the following formula to determine how much you will have in the IRA when you retire at age 65.

 

2.Find the interest.

 

 Oct 14, 2019
 #1
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If you deposit $30 at the end of every month for 30 years(65 - 35), or 30 x 12 =360 months at 4.5% compounded monthly, then you should have =$22,781.58 in your IRA when you retire at 65.

$22,781.58 - [$30 x 360] = $11,981.58 - Interest earned on your IRA

 Oct 14, 2019
 #2
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thank you

skye25  Oct 14, 2019

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