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Chapter 12: Q. 301 (page 1220)

Adam just got his first full-time job after graduating from high school at age 17. He decided to invest $300 per month in an IRA (an annuity). The interest on the annuity is 7%which is compounded monthly. How much will be in Adam's account when he retires at his sixty-seventh birthday?

Short Answer

Expert verified

The amount is$1,634,421.27

Step by step solution

01

Given information

Given the investment is$300per month and interest is7%compounded monthly

02

Use the formula for principal amount compounded monthly

Using the formula, we get

A50=3001+0.07121250-10.0712A50=30012.0712600-10.0712A50=$1,634,421.27,

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