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 = $

## Answer This Question

## Related Questions

- college - Joan wants to start an IRA that will have $250,000 in it when she ...
- math - Barry heard in his Personal Finance class that he should start investing ...
- Finite Mathematics - If a merchant deposits $1,500 annually at the end of each ...
- mathematical modeling - Person A opens an IRA at age 25, contributes $2000 per ...
- mathmodeling - Person A opens an IRA at age 25, contributes $2000 per year for ...
- math modeling - Person A opens an IRA at age 25, contributes $2000 per year for ...
- math - Djer invests $5000 each year into a mutual fund earning 6.15% compounded ...
- Math - Suppose that Ramos contributes $6000/year into a traditional IRA earning ...
- business math - Bob makes his first deposit into an IRA earning % compounded ...
- math - Jeanette wishes to retire in 30 years at age 55 with retirement savings ...

More Related Questions