Marnie makes regular annual payments of $5,000 to her Individual Retirement Account (IRA). If the amount of interest she earns is 5. 6% per year, determine the future value of the account after 35 years. Round to the nearest cent. A. $540,581. 69 b. $511,914. 48 c. $190,508. 32 d. $189,623. 41.

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14-12-2021
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Marnie makes regular annual payments of $5,000 to her Individual Retirement Account (IRA). If the amount of interest she earns is 5. 6% per year, determine the future value of the account after 35 years. Round to the nearest cent. A. $540,581. 69 b. $511,914. 48 c. $190,508. 32 d. $189,623. 41.

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ewomazinoade ewomazinoade · Answer 1 · 2021-12-22T12:50:34+01:00

The future value of the account after 35 years is $511,914. 48.

The payment Marnie is making is known as an ordinary annuity. An ordinary annuity is when a fixed payment is made at the end of a period at regular intervals for a period of time.

Future value = annual payments x annuity factor

Annuity factor = {[(1+r)^n] - 1} / r

Annuity factor = [(1.056)^35 - 1] / 0.056 = 102.382897

Future value = $5000 x 102.382897 = $511,914. 48

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