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Ruben invested $1300 per year in an IRA each year for 6 years earning 14% compounded annually. At the end of 6 years he ceased
Ruben invested $1300 per year in an IRA each year for 6 years earning 14% compounded annually. At the end of 6 years he ceased the IRA payments, but continued to invest his accumulated amount at 14% compounded annually for the next 8 years. a) What was the value of his IRA at the end of 6 years? Answer = $ b) What was the value of the investment at the end of the next 8 years? Answer = $
Ruben invested $1300 per year in an IRA each year for 6 years earning 14% compounded annually.
At the end of 6 years he ceased the IRA payments, but continued to invest his accumulated amount at 14% compounded annually for the next 8 years.
a) What was the value of his IRA at the end of 6 years?
Answer = $
b) What was the value of the investment at the end of the next 8 years?
Answer = $
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Finance For Non Financial Managers
Authors: Pierre Bergeron
6th Edition
0176501630, 9780176501631
