Starting at the Age of 20, at the End of Each

question 5

Short Answer

Starting at the age of 20, at the end of each month, you invest $250 into a retirement IRA (individual retirement account). The IRA guarantees an APR of 3% compounded monthly for the life of the account. How much money will you have in the account when you turn 55? Give your answer as a decimal rounded to the nearest hundredth.

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