Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Shaylea, age 22, just started working full-time and plans to deposit $4,200 annually into an IRA earning 7 percent interest compounded annually. How much would
Shaylea, age 22, just started working full-time and plans to deposit $4,200 annually into an IRA earning 7 percent interest compounded annually. How much would she have in 20 years, 30 years, and 40 years? If she changed her investment period and instead invested $350.00 monthly, and the investment also changed to monthly compounding, how much would she have after the same three time periods? Comment on the differences over time. Click the table icon to view the future value annuity table e With annual investments and compounding, after 20 years, Shaylea would have $ (Round to the nearest cent.) Data Table - Compound Sum of an Annuity of $1 (FVIFA) n 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 1 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 2 2.030 2.040 2.050 2.060 2.070 2.080 2.090 2.100 2.110 2.120 3 3.091 3.122 3.153 3.184 3.215 3.246 3.278 3.310 3.342 3.374 4 4.184 4.246 4.310 4.375 4.440 4.506 4.573 4.641 4.710 4.779 5 5.309 5.416 5.526 5.637 5.751 5.867 5.985 6.105 6.228 6.353 6 6.468 6.633 6.802 6.975 7.153 7.336 7.523 7.716 7.913 8.115 7 7.662 7.898 8.142 8.394 8.654 8.923 9.200 9.487 9.783 10.089 8 8.892 9.214 9.549 9.897 10.260 10.637 11.028 11.436 11.859 12.300 9 10.159 10.583 11.027 11.491 11.978 12.488 13.021 13.579 14.164 14.776 10 11.464 12.006 12.578 13.181 13.816 14.487 15.193 15.937 16.722 17.549 11 12.808 13.486 14.207 14.972 15.784 16.645 17.560 18.531 19.561 20.655 12 14.192 15.026 15.917 16.870 17.888 18.977 20.141 21.384 22.713 24.133 13 15.618 16.627 17.713 18.882 20.141 21.495 22.953 24.523 26.212 28.029 14 17.086 18.292 19.599 21.015 22.550 24.215 26.019 27.975 30.095 32.393 15 18.599 20.024 21.579 23.276 25.129 27.152 29.361 31.772 34.405 37.280 16 20.157 21.825 23.657 25.673 27.888 30.324 33.003 35.950 39.190 42.753 17 21.762 23.698 25.840 28.213 30.840 33.750 36.974 40.545 44.501 48.884 18 23.414 25.645 28.132 30.906 33.999 37.450 41.301 45.599 50.396 55.750 19 25.117 27.671 30.539 33.760 37.379 41.446 46.018 51.159 56.939 63.440 20 26.870 29.778 33.066 36.786 40.995 45.762 51.160 57.275 64.203 72.052 21 28.676 31.969 35.719 39.993 44.865 50.423 56.765 64.002 72.265 81.699 22 30.537 34.248 38.505 43.392 49.006 55.457 62.873 71.403 81.214 92.503 23 32.453 36.618 41.430 46.996 53.436 60.893 69.532 79.543 91.148 104.603 24 34.426 39.083 44.502 50.816 58.177 66.765 76.790 88.497 102.174 118.155 25 36.459 41.646 47.727 54.865 63.249 73.106 84.701 98.347 114.413 133.334 30 47.575 56.085 66.439 79.058 94.461 113.283 136.308 164.494 199.021 241.333 40 75.401 95.026 120.800 154.762 199.635 259.057 337.882 442.593 581.826 767.091 50 112.797 152.667 209.348 290.336 406.529 573.770 815.084 1163.909 1668.771 2400.018 Print Done
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started