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Answer the question. 44) Stephen sets up an IRA with an APR of6% at age 26....

Answer the question.

44) Stephen sets up an IRA with an APR of6% at age 26. At the end of each month, he deposits $49 in the account. How much will the IRA contain when he reaches 65? Compare that amount to the total amount of deposits made over the time period.

A) $1356.90; this is $82.90 more than the total amount of the deposits.

B) $91,344.66; this is $68,412.66 more than the total amount of the deposits.

C) $63,872.09; this is $53,926.63 more than the total amount of the deposits.

D) $62,252.79; this is $42,652.79 more than the total amount of the deposits.

Math   Advanced-Math   
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Answer #1

PMT=49

r=6% = 0.06

t=65-26 = 39 years

n=12 for monthly payment

.

.

interest is given by

.

B) $91,344.66; this is $68,412.66 more than the total amount of the deposits.

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