Hailey starts an IRA (Individual Retirement Account) at the age of 22 to save for retirement. She deposits $450 each month. The IRA has an average annual interest rate of 8% compounded monthly. How much money will she have saved when she retires at the age of 65?
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Hailey starts an IRA (Individual Retirement Account) at the age of 22 to save for retirement. She
deposits $450 each month. The IRA has an average annual interest rate of 8% compounded monthly.
How much money will she have saved when she retires at the age of 65? Round your answer to the
nearest cent, if necessary.
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- Molly starts an IRA (Individual Retirement Account) at the age of 24 to save for retirement. She deposits $400 each month. The IRA has an average annual interest rate of 7% compounded monthly. How much money will she have saved when she retires at the age of 65? Round your answer to the nearest cent, if necessaryTaylor starts an IRA (Individual Retirement Account) at the age of 26 to save for retirement. She deposits $300 each month. The IRA has an average annual interest rate of 5% compounded monthly. How much money will she have saved when she retires at the age of 65? Round your answer to the nearest cent, if necessary. FormulasYou annually invest $1,500 in an individual retirement account (IRA) starting at the age of 25 and make the contributions for 15 years. Your twin sister does the same starting at age 40 and makes the contributions for 25 years. Both of you earn 6 percent annually on your investment. What amounts will you and your sister have at age 65? Use Appendix A and Appendix C to answer the question. Round your answers to the nearest dollar. Amount on your account: $ Amount on your sister's account: $ Who has the larger amount at age 65? Select the larger amount.
- You annually invest $1,500 in an individual retirement account (IRA) starting at the age of 20 and make the contributions for 15 years. Your twin sister does the same starting at age 30 and makes the contributions for 30 years. Both of you earn 6 percent annually on your investment. What amounts will you and your sister have at age 60? Use Appendix A and Appendix C to answer the question. Round your answers to the nearest dollar. Amount on your account: $ Amount on your sister's account: $ Who has the larger amount at age 60? the larger amount. -Select-You annually invest $1,000 in an individual retirement account (IRA) starting at the age of 30 and make the contributions for 10 years. Your twin sister does the same starting at age 45 and makes the contributions for 20 years. Both of you earn 6 percent annually on your investment. What amounts will you and your sister have at age 65? Use Appendix A and Appendix C to answer the question. Round your answers to the nearest dollar.Amount on your account: $ Amount on your sister's account: $ Who has the larger amount at age 65?-Select-You haveYour sister hasItem 3 the larger amount.You annually invest $1,500 in an individual retirement account (IRA) starting at the age of 30 and make the contributions for 15 years. Your twin sister does the same starting at age 40 and makes the contributions for 20 years. Both of you earn 7 percent annually on your investment. What amounts will you and your sister have at age 60? Use Appendix A and Appendix C to answer the question. Round your answers to the nearest dollar. Amount on your account: $ Amount on your sister's account: $ Who has the larger amount at age 60?
- You annually invest $1,500 in an individual retirement account (IRA) starting at the age of 30 and make the contributions for 10 years. Your twin sister does the same starting at age 45 and makes the contributions for 20 years. Both of you earn 8 percent annually on your investment. What amounts will you and your sister have at age 65? Use Appendix A and Appendix C to answer the question. Round your answers to the nearest dollar.ou annually invest $1,500 in an individual retirement account (IRA) starting at the age of 30 and make the contributions for 15 years. Your twin sister does the same starting at age 40 and makes the contributions for 20 years. Both of you earn 7 percent annually on your investment. What amounts will you and your sister have at age 60? Use Appendix A and Appendix C to answer the question. Round your answers to the nearest dollar.Amount on your account: $ Amount on your sister's account: $ Who has the larger amount at age 60?-Select-You haveYour sister hasItem 3 the larger amount.Andrea, a self-employed individual, wishes to accumulate a retirement fund of $250,000. How much should she deposit each month into her retirement account, which pays interest at a rate of 4.5%/year compounded monthly, to reach her goal upon retirement 20 years from now? (Round your answer to the nearest cent.
- Andrea, a self-employed individual, wishes to accumulate a retirement fund of $400,000. How much should she deposit each month into her retirement account, which pays interest at a rate of 5.5%/year compounded monthly, to reach her goal upon retirement 35 yr from now? (Round your answer to the nearest cent.)At age 24, someone sets up an IRA (individual retirement account) with an APR of 5%. At the end of each month he deposits $30 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 $ (Do not round until the final answer. Then round to the nearest cent as needed.)Carla Lopez deposits $2,500 a year into her retirement account. If these funds have an average earnings of 5 percent over the 40 hears until her retirement, what will be the value of her retirement account?