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A 22-year old college student sets up an IRA (individual retirement account) with an APR of 6%. They deposit $55 into the account each month
A 22-year old college student sets up an IRA (individual retirement account) with an APR of 6%. They deposit $55 into the account each month and plan on retiring at age 65. (Simplify your answers and round to two decimal places.) a. The IRA will contain at retirement. b. The total deposits made from the time of opening to retirement is 2. c. How much of the ending balance is interest? (Use your rounded answers to Parts a. and b.) d. What is the overall return percentage? 2. 6 2 62 64 65 67
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