Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. in the following ordinary annuity, the interest is

In the following ordinary annuity, the interest is compounded with each payment, and the payment...

80.2K

Verified Solution

Question

Finance

In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. An individual retirement account, or IRA, earns tax-deferred interest and allows the owner to invest up to $5000 each year. Joe and Jill both will make IRA deposits for 30 years (from age 35 to 65) into stock mutual funds yielding 9.5%. Joe deposits $5000 once each year, while Jill has $96.15 (which is 5000/52) withheld from her weekly paycheck and deposited automatically. How much will each have at age 65? (Round your answer to the nearest cent.)

Joe $
Jill $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

GLUT2 transporters are continuously present in high concentration in the membranes of which one below ? Pancreatic...

Physics
1.2K views

18 If a prism having refractive index 2 has angle of minimum deviation equal to...

Physics
1.2K views

ds ta nd in 20 In the figure the intensity of waves arriving at D...

Basic Math
1.2K views

Section 3 Thinking Inquiry Directions For each of the questions in this section write your...

Calculus
1.2K views

Which of the following graphs is consistent with the differential equation dy dz 2 O...

Calculus
1.2K views

If a ball is thrown directly upward with a velocity of 24 ft s its...

Accounting
1.2K views

Pharoah Company has the following data: \table[[Direct labor,$68,400

Accounting
1.2K views

On January 1, 2015, Nathan, Inc. purchased a machine for $56,000. Eight-year, straight-line depreciation with...

Accounting
1.2K views

The Barrington Company sells clothing and furniture. On September 30,2024, the company decided to sell...

Finance
1.2K views

QUESTION 4 If you were the CEO of a company and was promised a $10M...

Accounting
1.2K views

Question 5 (10 marks) ABC Superannuation Plan controls a number of assets with the following...

Accounting
1.2K views

You work in the SC department of a firm that makes microchips, You are trying...