At the age of 30, to save for retirement, you decide to deposit $50 at the end of each month in an IRA that pays 4% compounded monthly. Use the following formula to determine how much you will have in the IRA when you retire at age 65. a. P[(1 +p*-1] A = or nt A =
Unitary Method
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![At the age of 30, to save for retirement, you decide to deposit $50 at the end of
each month in an IRA that pays 4% compounded monthly.
a. You will have approximately $
(Do not round until the final answer. Then round to the nearest dollar as needed.)
in the IRA when you retire.
Use the following formula to determine how much you will have in the IRA
when you retire at age 65.
a.
b. The interest is approximately $
P[(1 +n-1]
(Use the answer from part a to find this answer. Round to the nearest dollar as
needed.)
A =
or
nt
- 1
b.
Find the interest.
Enter your answer in each of the answer boxes.
<>
II
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