At age 22​, someone sets up an IRA​ (individual retirement​ account) with an APR of 7​%. At the end of each month he deposits ​$90 in the account. How much will the IRA contain when he retires at age​ 65? Compare that amount to the total deposits made over the time period.

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
ChapterCSR: Contents Of Student Resources
Section: Chapter Questions
Problem 7.36EP
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At age
22​,
someone sets up an IRA​ (individual retirement​ account) with an APR of
7​%.
At the end of each month he deposits
​$90
in the account. How much will the IRA contain when he retires at age​ 65? Compare that amount to the total deposits made over the time period.
 
 
 
After retirement the IRA will contain
​$nothing.
​(Do not round until the final answer. Then round to the nearest cent as​ needed.)
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