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[answered] 1. At age 24, someone sets up an IRA (individual retirement


?This is for a math course Need all problems solved, show please.


1. At age 24, someone sets up an IRA (individual retirement account) with an APR of 8%. At the end

 

of each month he deposits $30 in the account. How much will the IRA contain when he retires at

 

age 65? Compare that amount to the total deposits made over the time period.

 

After retirement the IRA will contain $:

 

(Do not round until the final answer. Then round to the nearest cent as needed.)

 

2. You want to purchase a new car in 7 years and expect the car to cost $55,000. Your bank offers a plan

 

with a guaranteed APR of 6.5 % if you make regular monthly deposits. How much should you deposit

 

each month to end up with $55,000 in 7 years?

 

You should invest $

 

(Round the final answer to the nearest cent as needed. Round all intermediate values to seven decimal

 

places as needed.)

 

3. Suppose a man is 35 years old and would like to retire at age 60. Furthermore, he would like to have a

 

retirement fund from which he can draw an income of $150 comma 150,000 per year forever! How can

 

he do it? Assume a constant APR of 66%.

 

(Do not round until the final answer. Then round to the nearest integer as needed.) 4. Consider the two savings plans below. Compare the balances in each plan after 6 years. Which person

 

deposited more money in the plan? Which of the two investment strategies is better?

 

Yolanda deposits $150 per month in an account with an APR of 66%, while Zach deposits $180 at the end

 

of each year in an account with an APR of 6%.

 

The balance in Yolanda's saving plan after 6 years was:

 

Zach?s balance after 6 years was:

 


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