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Popular Word Problems >

Joey makes quarterly deposits of 750 into his IRA. If his IRA pays 2% compounded quarterly, how much is in the account after 20 years?

Solution

J oey mak es q u a r t er l y d e p os i t s o f 750 in t o hi s I R A . I f hi s I R A p a ys 2% co m p o u n d e d q u a r t er l y, h o w m u c h i s in t h e a cco u n t a f t er 20 ye a rs ?

Solution

Amount : 1117.75

Solution steps

Translate the problem into an equation:

A = 750 (1 + \frac{0.02}{4})^{4 \cdot 20}

750 (1 + \frac{0.02}{4})^{4 \cdot 20} = 1117.75392 \dots

Round to the nearest hundredth:

1117.75

Amount : 1117.75

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