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).

Answer rating: 100% (QA)

To calculate the interest earned on the IRA investment after 30 years we can use the formula for the ... View the full answer