If you set aside $9000 at the end of each year for the next 22 years in a Roth IRA, how much will you have at your retirement 22
years from today if your IRA earns 7.8% annual percentage rate (APR) with quarterly compounding?
1 answer:
Answer:
$501,049.37
Step-by-step explanation:
For computing the amount after 22 years we need to applied the future value which is shown in the attachment below:
Given that
PMT = $9,000
NPER = 22 years
Annual rate = 0.078
Quarterly= 0.078 ÷ 4 = 0.0195
Effective annual rate = (1.0195^4) - 1 = 0.0803113041
Now applied the formula which is given below
= -FV(RATE;NPER;PMT;PV)
After applying the above formula, the future value is $501,049.37
You might be interested in
The function
describes a parabola with vertex = (5, 3).
The graph of the function is attached.
describes a parabola with vertex = (5, 3).
The graph of the function is attached.
Answer: After 18.05 minutes, the temperature of steel becomes 100 degrees.
Step-by-step explanation:
Since we have given that
Initial temperature = 2500
At t = 0,
we get that
After 2 minutes, the temperature of the steel is 1500 degrees.
so, it becomes,
So, We need to find the number of minutes when the temperature of steel would be 100 degrees.
So, it becomes,
Hence, after 18.05 minutes, the temperature of steel becomes 100 degrees.