(a) Patty Stacey deposits $1200 at the end of each of 5 years in an IRA. If she leaves the money that has accumulated in the IRA account for 25 additional years, how much is in her account at the end of the 30-year period? Assume an interest rate of 8%, compounded annually. (Round your answer to the nearest cent.) $ (b) Suppose that Patty's husband delays starting an IRA for the first 10 years he works but then makes $1200 deposits at the end of each of the next 15 years. If the interest rate is 8%, compounded annually, and if he leaves the money in his account for 5 additional years, how much will be in his account at the end of the 30-year period? (Round your answer to the nearest cent.) $ (c) Does Patty or her husband have more IRA money? Patty Patty's husband

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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(a) Patty Stacey deposits $1200 at the end of each of 5 years in an IRA. If she leaves the money that has accumulated in the IRA account for 25 additional years, how much is in her account at the end of the 30-year period? Assume an interest rate of 8%,
compounded annually. (Round your answer to the nearest cent.)
$
(b) Suppose that Patty's husband delays starting an IRA for the first 10 years he works but then makes $1200 deposits at the end of each of the next 15 years. If the interest rate is 8%, compounded annually, and if he leaves the money in his account for 5
additional years, how much will be in his account at the end of the 30-year period? (Round your answer to the nearest cent.)
$
(c) Does Patty or her husband have more IRA money?
Patty
Patty's husband
Transcribed Image Text:(a) Patty Stacey deposits $1200 at the end of each of 5 years in an IRA. If she leaves the money that has accumulated in the IRA account for 25 additional years, how much is in her account at the end of the 30-year period? Assume an interest rate of 8%, compounded annually. (Round your answer to the nearest cent.) $ (b) Suppose that Patty's husband delays starting an IRA for the first 10 years he works but then makes $1200 deposits at the end of each of the next 15 years. If the interest rate is 8%, compounded annually, and if he leaves the money in his account for 5 additional years, how much will be in his account at the end of the 30-year period? (Round your answer to the nearest cent.) $ (c) Does Patty or her husband have more IRA money? Patty Patty's husband
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