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At the age of 29 , to save for retirement, you decide to deposit $70...

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Accounting

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At the age of 29 , to save for retirement, you decide to deposit $70 at the end of each month in an IRA that pays 6% compounded monthly. a. Use the following formula to determine how much you will have in the IRA when you retire at age 65 . A=rP[(1+r)t1]orA=(nr)P[(1+nr)nt1] b. Find the interest. a. You will have approximately $ in the IRA when you retire. (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The interest is approximately $ (Use the answer from part a to find this answer. Round to the nearest dollar as needed.)

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