Bobby's best friend is 27 and deposits $2,000 at the end of each year into an individual retirement account (IRA). If the account earns 10% compounded annually, how much will he have when he retires 38 years later?

Question

Thalia Crosby

15 March, 13:39

+3

Answers (1)

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Lexie Duarte · Answer 1

If he gets 10% of 2000 dollars annually, then he gets 200 a year, hence it would be solved like this

2000 + (200x38)

Which equals too $9600