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A. After Work and Travel one year, at age 23 you put USD 5000 into an Individual retirement account (IRA) account held in the form

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A. After Work and Travel one year, at age 23 you put USD 5000 into an Individual retirement account (IRA) account held in the form of a New York Life investment portfolio, the average annual return on this account is 12.1% at what age will you accumulate USD 500,000? (3 marks) B. Compute the duration for a 15 -year loan of $400 with an effective annual interest rate of 7% (4 marks)

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