Question: Determine whether the statement makes sense or does not make sense and explain your reasoning. By putting $30 at the end of each month into

Determine whether the statement makes sense or does not make sense and explain your reasoning. By putting $30 at the end of each month into an IRA that pays 3.5% compounded monthly, I'll be able to retire comfortably in just 30 years. Question content area bottom Part 1 Choose the correct answer below. A. The statement makes sense because at the end of 30 years, there will be approximately $228 comma 749 in the account. B. The statement does not make sense because at the end of 30 years, there will only be approximately $28 comma 594 in the account. C. The statement makes sense because at the end of 30 years, there will be approximately $458 comma 035 in the account. D. The statement does not make sense because at the end of 30 years, there will only be approximately $19 comma 062 in the account

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

Do questions 19, 23,27 In Exercises 1520, the principal P is borrowed and the loan's future value, A, at time t is given. Determinethe Joan's simple interest rate, r, to the nearest tenth oft:...

ES: 0 of 1 Save Determine whether the statement makes sense or does not make sense, and explain your reasoning. I used the 2000 data shown in the bar graph to conclude inductively, that by 2030,...

hey course hero can you help me understand . i am having difficulty X M Your order is now complete - alv. x M MEGA X 5 Thinking-Mathematically-7th-Edi x hey course hero, i am having such x + C @ File...

1. Decide whether the following statement makes sense (or is clearly true) or does not make sense (or is clearly false). Explain your reasoning. If interest rates stay at4% APR and I continue to make...

for this assignment please read the background, and answer the following questions on pages 4-5. Also please complete and show work on the ratio worksheet pages 8-9. Please show work. please answer...

At age 18, someone sets up an IRA (individual retirement account) with an APR of 6%. At the end of each month he doposits s20 in ine acoost How much wit ind IRA contain when he retires at age 65 ?...

13. In a product liability case, a company can settle out of court for a loss of $350,000, or go to trial, losing $700,000 if found 23. Describe a situation in which a business can use expected...

Wal-Mart Offers to Buy South Africa's Massmart for $4.2 Billion By Sarah Shannon, Nasreen Seria and Matthew Boyle - Sep 27, 2010 Wal-Mart Stores Inc., the world's largest retailer, plans to buy...

Hi. I need Chapter 11 part 1-4 Let me know. Thanks! (it wont letme add more than $8, but I will give $12+ tip) Personal Finance, Fifth Edition by Jeff Madura BUILDING YOUR OWN FINANCIAL PLAN WORKBOOK...

I've attached the question as a word file, thanks! JWCL165_c12_568-611.qxd 8/12/09 8:29 AM Page 568 12 Investments Chapter STUDY OBJECTIVES After studying this chapter, you should be able to: 1...

Lets talk about FIFO, LIFO and weighted average. Tell us the difference between the three. Which one would yield the highest inventory costs? The lowest? What would a company choose to have a higher...

Choose all the intermolecular interactions that could occur in a container of only methyl benzoate. V 1st attempt CH Choose one or more: A. dipole-dipole interactions OB. ion-ion interactions C....

In the secondary stock market, shares which are newly issued are bought and sold here. True or false

5 Madison Park Co-op, a whole foods grocery and gift shop, has provided the following data to be used in its service department cost allocations: 2. points Departmental costs before allocations...