Starting at the Age of 25, at the End of Each

question 20

Short Answer

Starting at the age of 25, at the end of each month, you invest $200 into a retirement IRA (individual retirement account). The IRA guarantees an APR of 6% compounded monthly for the life of the account. How much money will you have in the account when you turn 65? Give your answer as a decimal rounded to the nearest hundredth.

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Definitions:

Specific Phobia

A specific phobia is an overwhelming and unreasonable fear of a particular object, situation, or activity that poses little to no real danger but leads to avoidance behavior.

Specific Phobias

Intense, irrational fears of specific objects or situations that pose little to no actual danger.

Social Phobias

are anxiety disorders characterized by an intense fear of social situations where one might be exposed to possible scrutiny by others.

Primary Phobias

The intense, irrational fears of specific objects or situations that are a primary psychological concern.