SOLUTION: 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 accou
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-> SOLUTION: 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 accou
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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. Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! Finance is not my strong point, but I can
plug data into a formula, so I found one
that seems to apply to this problem on
the Dr. Math website ( highly recommend )
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She has $54,304.23 in her account after 15 yrs
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DEFINITELY get a 2nd opinion on this. It's
the 1st time I ever used this formula. ( Compound
interest with regular deposits )
Hope I got it!
