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1) How much will you have accumulated over a period of 35 years if, in an IRA which has a 10% interest rate compounded monthly,

1) How much will you have accumulated over a period of 35 years if, in an IRA which has a 10% interest rate compounded monthly, you annually invest:

a. $1

b. $5000

c. $8,000

d. Part (a) is called the effective yield of an account. How could Part (a) be used to determine Parts (b) and (c)? (Your answer should be in complete sentences free of grammar, spelling, and punctuation mistakes.)

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