math
posted by melodi .
Michael invested $1600 per halfyear in an IRA each halfyear for 9 years earning 9% compounded semiannually.
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 = $
Respond to this Question
Similar Questions

business math
Bob makes his first deposit into an IRA earning % compounded annually on the day he turns 27 and his last deposit on the day he turns 35. (9 equal deposits in all.) With no additional deposits, the money in the IRA continues to earn … 
college
Joan wants to start an IRA that will have $250,000 in it when she retires in 21 years. How much should she invest annually in her IRA to do this if the interest is 16% compounded quarterly? 
Finite Mathematics
If a merchant deposits $1,500 annually at the end of each tax year in an IRA account paying interest at the rate of 10%/year compounded annually, how much will she have in her account at the end of 25 years? 
MatHematics
After a 20 year period Josh's lump sum investment matures to an amount of R313550. How much did he invest if his money earned interest at a rate of 13,65% p.a compounded half yearly for the first 10years ,8,4% p.a compounded quarterly … 
Math
Suppose that Ramos contributes $6000/year into a traditional IRA earning interest at the rate of 2%/year compounded annually, every year after 35 until his retirement age at age 65. At the same time, his wife Vanessa deposits $4900/year … 
math
Jeanette wishes to retire in 30 years at age 55 with retirement savings that have the purchasing power of $300,000 in today’s dollars. 1. If the rate of inflation for the next 30 years is 2% per year, how much must she accumulate … 
math(compund interest )
10.On 16 April 1990, $5000 was invested at 6% compounded semi annually.Find the amount accumulated on 16 October 1993 if the rate was charged to 8% compounded quarterly beginning 16 april 1992. semi annualy compounding= (2 times in … 
math
Barry heard in his Personal Finance class that he should start investing as soon as possible. He had always thought that it would be smart to start investing after he finishes college and his salary is high enough to pay the bills … 
PLEASE HELP Math
As a fringe benefit for the past 8 years, Colin's employer has contributed $50 at the end of each month into an employee retirement account for Colin that pays interest at the rate of 8%/year compounded monthly. Colin has also contributed … 
maths
determine the amount of each ordinary simple annuity. deposits of $2550 for 7 years at 9.7% per year compounded annually Search instead for determine the amount of each ordinary simple annuity. deposits of $2550 for 7 years at 9.7% …