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Math Finance

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How much interest does $2560 earn in 17 months at a rate of 5 1/8 ?

  • Math Finance - ,

    I assume you mean simple interest at an annual rate of 5 1/8 %

    5 1/8 % = 0.05125

    17 months = 17/12 years.

    $2560 * .05125 * 17/12 = $185.87

  • Math Finance - ,

    joan wants to start an IRA that will have $250,000 in it when she retires in 18 years. How much should she invest nnually in her IRA to do this if the interest is 4% compounded annually round to the nearest cent

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