An individual retirement account (IRA) has $10,000 in it, and the owner decides not to add...

An individual retirement account (IRA) has $10,000 in it, and the owner decides not to add any more money to the account other than interest earned at 7% compounded daily. How much will be in the account 34 years from now when the owner reaches retirement age ? Use a 365-day year.

Expert Solution

Calculations-

Here,
Fv is the future value of amount invested
rate is the periodic interest rate
nper is no. of periods
pmt is the periodic payments
Pv is the present value of investmet
type = 0 if the amount is paid at the end of the year ,1 if it is paid at the beginning.

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jeff jeffy answered 1 year ago

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