Question: You plan to deposit $ 4 0 0 each year into an IRA earning 7 % interest annually. How much will you have in your

You plan to deposit $400 each year into an IRA earning 7% interest annually. How much will you have in your account in 10 years?

Step by Step Solution

★★★★★

3.43 Rating (153 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

To determine how much will be in the IRA account in ... View full answer

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 Finance Questions!

Q:

Assuming that PayNet acquires 70% of Shale on August 1, 2022, for cash of $196,000, what amount would appear in the non-controlling interest (NCI) account on the consolidated balance sheet on the...

Q:

1 If you deposit $16000 in a savings account at 3.3% interest per year, how much will you have in 37 years? (Answer to the nearest dollar) 5.00000 points QUESTION 2 How much money would you need to...

Q:

Find the present value of $40,000 due in 4 years at the given rate of interest 8%/year compounded monthly. A. The present value is $28,948.67. B. The present value is $29,433.94. C. The present value...

Q:

1- Find the capital necessary to obtain $1200 in 6 years at 12% compounded monthly. Principal = $ 2-In 3 years Harry and Sally would like to have $20000 for a down payment on a house. How much should...

Q:

1.) You have enrolled a retirement plan that guarantees to pay you a fixed amount for 25 years. At the time of retirement, you will have $100,000 to your credit according to the plan. The plan...

Q:

You decide to contribute to a mutual fund that averages 3.3% return per year. If you contribute $475 quarterly. Round all answers to the nearest cent as needed. a) How much will be in the account...

Q:

1. Calculate the future value of $5,000 earning 10% after one year assuming annual compounding. 2. Richard Gorman is 65 years old and about to retire. He has $500,000 saved to supplement his pension...

Q:

1. Calculate the future value of $5,000 earning 10% after one year assuming annual compounding. 2. Richard Gorman is 65 years old and about to retire. He has $500,000 saved to supplement his pension...

Q:

8.1.2 You deposit $1000 each year into an account earning 7% interest compounded annually. How much will you have in the account in 25 years? $___. Suppose you want to have $400,000 for retirement in...

Q:

My student number is: 1 2 3 - 4 5 - 6 7 8 9 Provide your response for the following problems:Using Excel FunctionUsing Excel as CalculatorText Response 1 A financial analyst tells you that investing...

Q:

Section 1: Time Value of Money Why is money worth less in the future than in the present? What is intrinsic value? When is a stock in equilibrium? Explain the difference between ordinary annuity and...

Q:

Calculate the following: a. Calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 20-year annuity is $ 1 million and the annuity earns a...

Q:

Why is the DuPont identity a valuable tool for analyzing the performance of a firm? Discuss the types of information it reveals compared to ROE considered by itself.

Q:

y = x 5 + e 3 x , find , d y d x =

Q:

A contact lens is made of plastic with an index of refraction of 1.50. The lens has an outer radius of curvature of +2.00 cm and an inner radius of curvature of +2.50 cm. What is the focal length of...

Q:

The accommodation limits for Nearsighted Nicks eyes are 18.0 cm and 80.0 cm. When he wears his glasses, he can see faraway objects clearly. At what minimum distance is he able to see objects clearly?

Q:

A Youngs interference experiment is performed with monochromatic light. The separation between the slits is 0.500 mm, and the interference pattern on a screen 3.30 m away shows the first side maximum...

Q:

Two slits are separated by 0.180 mm. An interference pattern is formed on a screen 80.0 cm away by 656.3-nm light. Calculate the fraction of the maximum intensity 0.600 cm above the central maximum.

Q:

How many times will the incident beam shown in Figure P35.8 be reflected by each of the parallel mirrors? Mirror Mirror 1.00 m Incident beam 5.00 1.00 m

Q:

Can we put that she will be making weekly payroll deductions inthe amount of $52.75 to the housing equalling $211.00 monthly

Q:

Suppose that you are interested in purchasing a bond issued by the VPI Corporation. The bond is quoted in the Wall Street Journal as selling for 88.375. How much will you pay for the bond if you...

Q:

A couple with three dependent children has an annual AGI of $238,500. Calculate the total dollar amount of personal exemptions that they can claim for the 2017 tax year.

Q:

The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of $68,000 for 2017. Determine their standard deduction, exemption, and child tax credit amounts,...

Q:

Explain how buyers incrementally learn as they progressively solve their problems.

Q:

The broader range of marketing communication objectives suggested in this chapter includes connection, informing, persuading, learning, and inventing. All are aspects of cooperative interaction or...

Q:

Distinguish the activities of diverse consumer market segments during the purchase and use of a particular product, and recognize the factors that contribute to the different patterns of activities.