SOLUTION: To save for​ retirement, you decide to deposit ​$1250 into an IRA at the end of each year for the next 30 years. If the interest rate is 8​% per year compounded&#

Algebra.Com
Question 1113286: To save for​ retirement, you decide to deposit ​$1250 into an IRA at the end of each year for the next 30 years. If the interest rate is 8​% per year compounded​ annually, find the value of the IRA after 30 years.​ (Round to the nearest​ dollar.)
Answer by ikleyn(52775)   (Show Source): You can put this solution on YOUR website!
.
Future value of the Ordinary Annuity plan


FV =  dollars = 141604 dollars.

See the lesson
    - Ordinary Annuity saving plans and geometric progressions
in this site.


RELATED QUESTIONS

AT AGE 25, TO SAVE FOR RETIREMENT, YOU DECIDE TO DEPOSIT $75 INTO AN IRA AT THE END OF... (answered by Theo)
At age 25, to save for retirement, you decide to deposit $75.00 into an IRA at the end of (answered by ikleyn)
When Joe and Sarah graduate from​ college, each expects to work a total of 45... (answered by Theo)
To save for​ retirement, Karla Harby put ​$550 each month into an ordinary... (answered by Theo)
Suppose that at age 25 you decide to save for retirement by depositing $50 at the end of... (answered by addingup,Alan3354)
At age 30 to save for retirement Rebecca decides to deposit $75 at the end of each month... (answered by stanbon)
An automobile purchased for ​$34,000 is worth ​$2500 after 5 years. Assuming... (answered by ewatrrr,MathTherapy)
You have ​$500,000 in an IRA​ (Individual Retirement​ Account) at the... (answered by solver91311)
Mitch and Bill are both age 75. When Mitch was 22 years​ old, he began depositing... (answered by Boreal)