Deposites $3,000 each year into a traditional IRA for 50 years at 5% interest

SoccerBoss
Category:
Other
Price: $5 USD

Question description


If someone is 20 years old, deposites $3,000 each year into a traditional IRA for 50 years at 5% interest compounded annually, and retires at age 70, how much money will be in the account upon retirement?

What will be the accumulated savings plan balance of the traditional IRS?

Tutor Answer

(Top Tutor) Daniel C.
(997)
School: Duke University
PREMIUM TUTOR
Studypool has helped 1,244,100 students
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1820 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors