Question

Did I solve right?

Answer 1

solve what?

Answer 2

Kevin made contributions to a Roth IRA over the course of 40 working years. His contributions averaged $3,000 annually. Kevin was in the 25% tax bracket during his working years. The average annual rate of return on the account was 7%. Upon retirement, Kevin stopped working and making Roth IRA contributions. Instead, he started living on withdrawals from the retirement account. At this point, Kevin dropped into the 15% tax bracket. Factoring in taxes, what is the effective value of Kevin’s Roth IRA at retirement? Assume annual compounding.
FVOA=C x (1+i)^nt - 1/ i

I did 3000 x (1+0.07)^40 - 1/0.07
I keep getting 598905.33596601208854

Answer 3

i got 44909.087

Answer 4

what did you do? And what did I do wrong?