Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. 1) how much will you have accumulated over a perio

1) How much will you have accumulated over a period of 30 years if, in an...

70.2K

Verified Solution

Question

Basic Math

1) How much will you have accumulated over a period of 30 yearsif, in an IRA which has a 10% interest rate compounded quarterly,you annually invest:

a. $1 b. $4000 c. $10,000 d. Part (a) is called the effectiveyield of an account. How could Part (a) be used to determine Parts(b) and (c)? (Your answer should be in complete sentences free ofgrammar, spelling, and punctuation mistakes.)

2) How much will you have accumulated, if you annually invest$1,500 into an IRA at 8% interest compounded monthly for: a. 5 yearb. 20 years c. 40 years d. How long will it take to earn your firstmillion dollars? Your answer should be exact rounded within 2decimal places. Please use logarithms to solve.

Answer & Explanation Solved by verified expert
3.6 Ratings (628 Votes)
1 The formula for compounding of interest is A P 1 rnnt where A is the future value of the investment including interest P is the principal initial amount invested r is the annual interest rate in decimals n is the number of times that interest is compounded in a year and t is the number of years the money is invested Here r 010 and n 4 a Here P 1 so that A    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Implement a program as an object using a class (abstract data type) in C++ that does...

Programming
Q

If we recreated the scene from Fast & Furious 7 and dropped a Challenger SRT® Hellcat...

Physics
Q

1. Provide a summary on how Jeff Bezos become so successful? (at least 2 paragraphs) 2. How...

General Management
Q

Identify two methods of financing that Coca-Cola currently uses. How does Coca-Cola manageits capital and cash...

General Management
Q

mine which of the two acute angles ha C 24 B 0 96

Geometry
Q

Activity 7 Mathematical Induction Part 2 Solve the following problems 1 Expand the following sums...

Basic Math
Q

Using a standard 52-card deck, find the following probabilities. Leave your answer as a reduced...

Basic Math
Q

Use common sense to determine whether the given event is impossible; possible, but very unlikely;...

Basic Math
Q

The data in the accompanying table represent the total rates of return in percentages for...

Statistics
Q

Suppose a dealer quotes these terms on a five-year swap: fixed-rate payer to pay 9.5%...

Accounting
Q

Debe hacer las entradas de jornal en las siguientes obligaciones. Debe analizar bien las transacciones...

Accounting
Q

Accounting