SOLUTION: suppose that you set up a new ira that pay an apr of 5% compounded monthly. if you contribute $200 per month for 13 years how much will the ira contain at the end of that time
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-> SOLUTION: suppose that you set up a new ira that pay an apr of 5% compounded monthly. if you contribute $200 per month for 13 years how much will the ira contain at the end of that time
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Question 935854: suppose that you set up a new ira that pay an apr of 5% compounded monthly. if you contribute $200 per month for 13 years how much will the ira contain at the end of that time Answer by Theo(13342) (Show Source):
You can put this solution on YOUR website! you can solve using an online calculator.
set present value = 0
set future value = 0
set number of pmts = 13 * 12 = 156
set interest per pay period % = 5/12 = .416667
set payment at to end
use the calculator to tell you that fv = $43,821.89
that website also shows you the manual formula you would use.
if you use the manual formula, you will be using the interest rate rather than the percent.
interest rate = interest percent divided by 100.
interest percent per month = 5 / 12 = .416667
interest rate per month = .05 / 12 = .00416667
