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Suppose Sierra would like to retire in 3 6 years with a retirement account balance of $ 1 , 0 0 0 , 0 0
Suppose Sierra would like to retire in years with a retirement account balance of $ To this end, Sierra plans to make a periodic payment at the end of each month for years into her Roth IRA account that earns interest, compounded monthly. Determine the periodic payment required that Sierra needs to deposit at the end of each month. Round the solution to the nearest cent, if necessary. Periodic Payment $ Determine the total amount deposited by Sierra in this account over the years. Round the solution to the nearest cent, if necessary. Total Deposits $ Determine the total amount of interest earned in this account over the years. Round the solution to the nearest cent, if necessary. Total Interest $ Hint: Related Formulas In the formulas below, A represents an account balance after years, where is the periodic payment made at the end of each compounding period, is the annual rate of interest in decimal form and is the number of compounding periods per year.
Suppose Sierra would like to retire in years with a retirement account balance of $ To this end, Sierra plans to make a periodic payment at the end of each month for years into her Roth IRA account that earns interest, compounded monthly.
Determine the periodic payment required that Sierra needs to deposit at the end of each month. Round the solution to the nearest cent, if necessary.
Periodic Payment $
Determine the total amount deposited by Sierra in this account over the years. Round the solution to the nearest cent, if necessary.
Total Deposits $
Determine the total amount of interest earned in this account over the years. Round the solution to the nearest cent, if necessary.
Total Interest $
Hint: Related Formulas
In the formulas below, A represents an account balance after years, where is the periodic payment made at the end of each compounding period, is the annual rate of interest in decimal form and is the number of compounding periods per year.
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