Emily Rideout Deposits $2,000 at the End of Each of the 5

question 82

Multiple Choice

Emily Rideout deposits $2,000 at the end of each of the 5 years she qualifies for an IRA. If she leaves the money that has accumulated in the IRA account for 25 additional years, how much is in her account at the end of the 30-year period? Assume an annual interest rate of 8.1%, compounded annually. Round your answer to the nearest cent. ​

• A)$17,354.45
• B)$82,399.55
• C)$458,820.59
• D)$293,915.51
• E)$12,708.91

Recognize the global extent of sediment and sedimentary rocks covering the Earth's surface.

Compare and contrast the size and distribution of sand dunes in dry climates.

Examine the role of sediment transport in forming sedimentary environments.

Explain the concept of lithification in the context of the sedimentary rock cycle.

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Definitions:

Loan

Money borrowed that is expected to be repaid with interest.

Compounded Annually

Interest calculation method where the interest is added to the principal sum once a year, so each year’s interest earnings are based on the principal plus the accumulated interest.

RRSP Contributions

Money placed into a Registered Retirement Savings Plan, intended to serve as retirement savings and provide tax benefits in Canada.

First Contribution

The initial investment or deposit made into a financial instrument or savings account.