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How much will you have accumulated, if you annually invest $1,500 into an IRA at 8%...

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Question

Basic Math

How much will you have accumulated, if you annually invest$1,500 into an IRA at 8% interest compounded monthly for:

a. 5 year

b. 20 years

c. 40 years

d. How long will it take to earn your first million dollars?Your answer should be exact rounded within 2 decimal places. Pleaseuse logarithms to solve. (Total of 15 points)

Answer & Explanation Solved by verified expert
4.1 Ratings (719 Votes)
The formula for compounding of interest is A P 1 rn nt 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    See Answer
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