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April 25, 2015

Homework Help: math

Posted by melodi on Saturday, April 6, 2013 at 10:00pm.

Michael invested $1600 per half-year in an IRA each half-year for 9 years earning 9% compounded semi-annually.
At the end of 9 years he ceased the IRA payments, but continued to invest his accumulated amount at 10% compounded yearly for the next 8 years.
a) What was the value of his IRA at the end of 9 years?
Answer = $
b) What was the value of the investment at the end of the next 8 years?
Answer = $

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