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Posted by **fazilah** on Thursday, August 18, 2011 at 4:33am.

thereafter. Person B waits until age 35 to open an IRA and contributes $2000 per years for 30 years. There is

no initial investment in either case.

a) Assuming an interest rate of 8%, what is the balance in each IRA at age 65?

- mathmodeling -
**Reiny**, Thursday, August 18, 2011 at 7:44amperson A

amount = 2000(1.08^10 - 1)/.08 * 1.08^30 = 291 546.62

person B

amount = 2000(1.08^30 - 1)/.08 = 226 566.42

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