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  3. (a) patty stacey deposits $2200 at the end of each

(a) Patty Stacey deposits $2200 at the end of each of 5 years in an IRA....

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Advance Math

(a) Patty Stacey deposits $2200 at the end of each of 5 years inan IRA. If she leaves the money that has accumulated in the IRAaccount for 25 additional years, how much is in her account at theend of the 30-year period? Assume an interest rate of 6%,compounded annually. (Round your answer to the nearest cent.) (b)Suppose that Patty's husband delays starting an IRA for the first10 years he works but then makes $2200 deposits at the end of eachof the next 15 years. If the interest rate is 6%, compoundedannually, and if he leaves the money in his account for 5additional years, how much will be in his account at the end of the30-year period? (Round your answer to the nearest cent.)

Answer & Explanation Solved by verified expert
4.5 Ratings (957 Votes)
a This situation can considered as an annuity for first years and then accumulating the amount using compound interest Contribution 2200 Interest Rate 6 Value of IRA after first 5    See Answer
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