Shaylea, age 22, just started working full-time and plans to deposit $5 comma 0005,000 annually...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Shaylea, age 22, just started working full-time and plans to deposit
$5 comma 0005,000
annually into an IRA earning
66
percent interest compounded annually. Deposits will be made at the end of each year. How much would she have in
2020
years,
3030
years, and
4040
years? If she changed her investment period and instead invested
$416.67416.67
monthly and the investment also changed to monthly compounding, how much would she have after the same three time periods? Comment on the differences over time.Click the table icon to view the future value annuity table
LOADING...
.
With annual investments and compounding, after
2020
years, Shaylea would have
$nothing.
(Round to the nearest cent.)
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.