document.write( "Question 1038356: If a merchant deposits $2,000 annually at the end of each tax year in an IRA account paying interest at the rate of 8%/year compounded annually, how much will she have in her account at the end of 15 yr? Round your answer to hundredth. \n" ); document.write( "

Algebra.Com's Answer #653067 by josmiceli(19441) $\"\"$ $\"About$

You can put this solution on YOUR website!
Finance is not my strong point, but I can
\n" ); document.write( "plug data into a formula, so I found one
\n" ); document.write( "that seems to apply to this problem on
\n" ); document.write( "the Dr. Math website ( highly recommend )
\n" ); document.write( "-----------------------------------
\n" ); document.write( " $\"+P+=+M%28+%28+1+%2B+i%2Fq+%29%5E%28n%2Aq%29+-+1+%29%2A%28+q%2Fi+%29+\"$
\n" ); document.write( " $\"+M+=+2000+\"$
\n" ); document.write( " $\"+i+=+.08+\"$
\n" ); document.write( " $\"+q+=+1+\"$
\n" ); document.write( " $\"+n+=+15+\"$
\n" ); document.write( "-----------------
\n" ); document.write( " $\"+P+=+2000%2A%28+%28+1+%2B+.08%2F1+%29%5E%2815%2A1%29+-+1+%29%2A%28+1%2F.08+%29+\"$
\n" ); document.write( " $\"+P+=+2000%2A%28+1.08%5E15+-+1+%29%2A%28+1%2F.08+%29+\"$
\n" ); document.write( " $\"+P+=+2000%2A%28+3.17217+-+1+%29%2A%28+1%2F.08+%29+\"$
\n" ); document.write( " $\"+P+=+2000%2A2.17217%2A%28+1%2F.08+%29+\"$
\n" ); document.write( " $\"+P+=+4344.33823%2F.08+\"$
\n" ); document.write( " $\"+P+=+54304.23+\"$
\n" ); document.write( "She has $54,304.23 in her account after 15 yrs
\n" ); document.write( "-------------------
\n" ); document.write( "DEFINITELY get a 2nd opinion on this. It's
\n" ); document.write( "the 1st time I ever used this formula. ( Compound
\n" ); document.write( "interest with regular deposits )
\n" ); document.write( "Hope I got it! \n" ); document.write( "

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