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An individual retirement account, or IRA, earns tax-deferred interest and allows the owner to invest up...

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Advance Math

An individual retirement account, or IRA, earns tax-deferredinterest and allows the owner to invest up to $5000 each year. Joeand Jill both will make IRA deposits for 30 years (from age 35 to65) into stock mutual funds yielding 9.1%. Joe deposits $5000 onceeach year, while Jill has $96.15 (which is 5000/52) withheld fromher weekly paycheck and deposited automatically. How much will eachhave at age 65? (Round your answer to the nearest cent.) Joe $ Jill$

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3.9 Ratings (519 Votes)
AnswerJoe investment 5000 for 30 years every year 91 if he startsat    See Answer
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