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  3. 1)(a) patty stacey deposits $2800 at the end of ea

1)(a) Patty Stacey deposits $2800 at the end of each of 5 years in an IRA....

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Advance Math

1)(a) Patty Stacey deposits $2800 at the end of each of 5 yearsin an IRA. If she leaves the money that has accumulated in the IRAaccount for 25 additional years, how much is in her account at theend of the 30-year period? Assume an interest rate of 10%,compounded annually. (Round your answer to the nearest cent.)
$

(b) Suppose that Patty's husband delays starting an IRA for thefirst 10 years he works but then makes $2800 deposits at the end ofeach of the next 15 years. If the interest rate is 10%, compoundedannually, and if he leaves the money in his account for 5additional years, how much will be in his account at the end of the30-year period? (Round your answer to the nearest cent.)
$

(c) Does Patty or her husband have more IRA money?

PattyPatty's husband

2)

A sinking fund is established to discharge a debt of $60,000 in20 years. If deposits are made at the end of each 6-month periodand interest is paid at the rate of 8%, compounded semiannually,what is the amount of each deposit? (Round your answer to thenearest cent.)

Answer & Explanation Solved by verified expert
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Question1for PattyStaceyPMT2800r1001t5 yearsshe leaves 1709428 in the IRA account    See Answer
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