SOLUTION: Cecelia Thomas is a sales executive at a Baltimore firm. She is 25 years old and plans to invest $4,900 every year in an IRA account, beginning at the end of this year until she tu

Question 1081026: Cecelia Thomas is a sales executive at a Baltimore firm. She is 25 years old and plans to invest $4,900 every year in an IRA account, beginning at the end of this year until she turns 65 years old. If the IRA investment will earn 10.40 percent annually, how much will she have in 40 years, when she turns 65? (Round intermediate calculations to 4 decimal places, e.g. 1.5212 and final answer to 2 decimal places, e.g. 15.25.)

Found 2 solutions by Boreal, MathTherapy:
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Amount=payment/(r/n)
=4900[1+.104)^40-1]/0.104
=4900*3.801/0.104
=$179.085.58
Answer by MathTherapy(10557) (Show Source): You can put this solution on YOUR website!

Cecelia Thomas is a sales executive at a Baltimore firm. She is 25 years old and plans to invest $4,900 every year in an IRA account, beginning at the end of this year until she turns 65 years old. If the IRA investment will earn 10.40 percent annually, how much will she have in 40 years, when she turns 65? (Round intermediate calculations to 4 decimal places, e.g. 1.5212 and final answer to 2 decimal places, e.g. 15.25.)

Correct answer:
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