Question
2.At the age of 25, to save for retirement, you decide to deposit $130 at the end of each month in an IRA that pays
2.At the age of 25, to save for retirement, you decide to deposit $130 at the end of each month in an IRA that pays 4% compounded monthly.
| a. | Determine how much you will have in the IRA when you retire at age 65. |
| b. | Find the interest earned to that point. |
| c. | Determine how much you could withdraw from the IRA each month for the first 15 years of your retirement. (During retirement, assume the account is earning the same interest and is empty after the 15 years.) |
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Financial Intelligence For HR Professionals
Authors: Karen Berman, Joe Knight, John Case
1st Edition
1422119130, 978-1422119136
