Question

Please help!!!

kenbaby
Ricky is 24 years old and starting an IRA(individual retirement account). He is going to invest $200 at the beginning of each month. The account is expected to earn 2.9% interest, compounded monthly. How much money will Ricky have in his IRA when he retires, at age 65?

Answer 1

im not too sure but i think its a power question
so the base is 200 and the power is ((2.9)/100)^t
\[y=200\times(2.9\div100)^{t}\]
try it im not too sure if thats it, message me if you need some clarification

Answer 2

Compound Interest \(\large A = P\left(1+\cfrac{r}{n}\right)^t\) where

\(P\) = principal amount (the initial amount you borrow or deposit)
\(r\) = annual rate of interest (as a decimal)
\(t\) = number of years the amount is deposited or borrowed for.
\(n\) = number of times the interest is compounded per year
\(A\) = amount of money accumulated after n years, including interest.

Answer 3

Yea I still don't understand

Answer 4

You'retrying to see HOW MUCH money Ricky will make in 41 years if he keeps putting money into his account each month, That's all.

Answer 5

Can you show me