document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=309103>Question 309103</A>: <I><SPAN STYLE=\"word-break: break-all;\"> At age 30 to save for retirement Rebecca decides to deposit $75 at the end of each month in a IRA that pays 6.1% compounded monthly. Use the formula below for the value of an annuity.<BR>\n" );
document.write( "A. How much will she have from the IRA when she retires at age 65<BR>\n" );
document.write( "B. Find the interest\r<BR>\n" );
document.write( "\n" );
document.write( "A=P[(1+R/N)^(N)(T)-1]/R/N </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #221297 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=221297\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> At age 30 to save for retirement Rebecca decides to deposit $75 at the end of 49<BR>\n" );
document.write( "A=P[(1+R/N)^(N)(T)-1]/R/N<BR>\n" );
document.write( "---<BR>\n" );
document.write( "A(35) = 75[[(1+(0.061/12)]^(12*35) -1]/(0.061/12)<BR>\n" );
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document.write( "A(35) = 75[1457.9868] = $109,349.01<BR>\n" );
document.write( "-------------------------------------------<BR>\n" );
document.write( "B. Find the interest <BR>\n" );
document.write( "I = 109,349.01 - 75*35*12 = $77849.01<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
document.write( "============================= </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );