1.) A 25 year old person decides to invest

$2000

each year into an IRA (Individual Retirement Account) paying

12%

compounded annually. At the time of the

40^(th )

payment the individual is ready to retire. What is the value of the account at the time of the

40^(th )

payment?

A 25 year old person decides to invest $2000 each year into an IRA (Individual Retirement Account) paying 12% compounded annually. At the time of the 40th payment the individual is ready to retire. What is the value of the account at the time of the 40th payment