Question
Suppose Amanda wants to have $800,000 in her IRA at the end of 30 years. She chooses to invest in an annuity that pays 5%
Suppose Amanda wants to have $800,000 in her IRA at the end of 30 years. She chooses to invest in an annuity that pays 5% interest, compounded annually.
How much of her IRA is interest at the end of 30 years? Enter your answer rounded to the nearest dollar and omit the dollar sign ( 4,325.18 should be entered as 4325).
Step by Step Solution
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Step: 1
To calculate the interest earned on the IRA investment after 30 years we can use the formula for the ...
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Financial Management for Public Health and Not for Profit Organizations
Authors: Steven A. Finkler, Thad Calabrese
4th edition
133060411, 132805669, 9780133060416, 978-0132805667
