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at age 27, jill deposited $4,000 into an ira, where it earns 9.8% interest compounded monthly. what will it be worth when she is thirty-five?

Respuesta :

kenyonkoresjr

Answer:

8450.428125

Step-by-step explanation:

The amount when she is 35 is $8,733.01221.

Given that,

  • The deposited amount is $4,000.
  • The rate of interest is 9.8%.
  • The time is 8 years.

Based on the above information, the calculation is as follows:

[tex]= \$4,000 \times (1 + 9.8\%\div 12)^{8\times 12}\\\\= \$4,000 \times (12.098\div 12)^{96}[/tex]

= $8,733.01221

Therefore we can conclude that The amount when she is 35 is $8,733.01221.

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