document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=628323>Question 628323</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Starting at age 25, Tracy invests $1500 at the end of each year in an IRA with an APR of 6.5% compounded annually. How much is in Tracy’s retirement account when she retires at the age of 65? (Assume the 40th and last deposit generates no interest). </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #395552 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=395552\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Starting at age 25, Tracy invests $1500 at the end of each year in an IRA with an APR of 6.5% compounded annually. How much is in Tracy’s retirement account when she retires at the age of 65? (Assume the 40th and last deposit generates no interest).<BR>\n" );
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document.write( "A(t)=P(1+(r/n))^(nt)<BR>\n" );
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document.write( "A(40) = 1500(1+(0.065/1))^(1*40)<BR>\n" );
document.write( "A(40) = 1500(1.065)^40<BR>\n" );
document.write( "A(40) = $18624.11<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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