Mathematics, 22.02.2022 15:00 destinyd10189
At age 30 you deposit $150 at the end of each month into an IRA that pays 4% interest compounded monthly. At age 65, what will the value of the annuity be?
Answers: 1
![~~~~~~~~~~~~\underset{\textit{payments at the end of the period}}{\textit{Future Value of an ordinary annuity}}\\ \\\\ A=pymnt\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right]](/tpl/images/2667/2894/a9435.png)
![A=150\left[ \cfrac{\left( 1+\frac{0.04}{12} \right)^{12\cdot 35}-1} {\frac{0.04}{12}} \right]\implies A= 150\left[ \cfrac{\left( \frac{301}{300} \right)^{420}~~ - ~~1}{\frac{1}{300}} \right] \\\\[-0.35em] ~\dotfill\\\\ ~\hfill A\approx 137059.64~\hfill](/tpl/images/2667/2894/3fb7a.png)
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At age 30 you deposit $150 at the end of each month into an IRA that pays 4% interest compounded mon...
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