Jane deposits $2,000 annually into a Roth IRA that earns 6.85% compounded annually. (The interest earned by
Question:
Jane deposits $2,000 annually into a Roth IRA that earns 6.85% compounded annually. (The interest earned by a Roth IRA is tax free.) Due to a change in employment, these deposits stop after 10 years, but the account continues to earn interest until Jane retires 25 years after the last deposit was made. How much is in the account when Jane retires?
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Step by Step Answer:
First we use the future value formula with PMT 2000 i 00685 an...View the full answer
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Related Book For 
Finite Mathematics For Business Economics Life Sciences And Social Sciences
ISBN: 9780134862620
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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