Question

Asked Apr 7, 2019

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if you are 18 years old, deposit $5000 each year into a traditional IRA for 52 years, at 6% interest compounded annually, and retire at age 70, how much money will be in the account upon retirement?

Step 1

Annuity, A = $ 5,000

Interest rate per year, R = 6%

Period, N = 52 years

Step 2

Hence, the money accumulated in the account upon retirement, M = Future Value of annuities as given on the w hiteboard.

Step 3

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