Mathematics
09.08.2020 03:21
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If you saved your tax refund $11,465.42, quit buying vendor coffee for one year
If you saved your tax refund $11,465.42, quit buying vendor coffee for one year $9,046.01 and decided to contribute $7,680 (you saved $640 per month) in your Roth IRA, how much would you have for retirement if you could invest these savings at 6% compounded annually for 30 years for this one year of savings?
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shelly74
4,4(48 marks)
$161916.54
Step-by-step explanation:
Tax refund = $11,465.42Savings from quitting buying vendor coffee = $9,046.01Monthly Contribution =$7,680Total Amount to be invested = $11,465.42+9,046.01 +7,680
P=$28191.43
These amount is to be invested at 6% compounded annually for 30 years.
Amount at compound interest 
r=6%=0.06
n=30 years
Therefore, after 30 years, the amount in the retirement account
Therefore, if this one year of savings is invested at 6% compounded annually, the amount you would have for retirement is $161916.54.
clarawulf9477
4,6(12 marks)
A
Step-by-step explanation:
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