Q:

If the maximum payment of $5,000 is made into a Individual Retirement Account (IRA) for 25 years at an annual interest rate of 3.2%, determine the amount in the account.Round to the nearest cent.If the maximum payment of $5,000 is made into a Individual Retirement Account (IRA) for 25 years at an annual interest rate of 3.2%, determine the amount in the account.Round to the nearest cent.a. $187,159.62 b. $193,148.73 c. $129,082.99 d. $129,427.21

Accepted Solution

A:
A) $187,159.62 with no inflation