Question EeAt age 22, someone sets up an IRA (individual retirement account) with an APR of7%. At the end of each month he deposits $35 in the account. How much will theIRA contain when he retires at age 65? Compare that amount to the total depositsmade over the time period.After retirement the IRA will contain $ 114,664.54.(Do not round until the final answer. Then round to the nearest cent as needed.)The total deposits made over the time period is $(Type a whole number.)

Answered: At age 22, someone sets up an IRA…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 36P

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