You currently have $150,000 in an IRA designated for retirement.If you save an additional $100 at the end of every month and expect to earn an annual return of 12%,how much do you expect to have in the IRA in 10 years?
A) $467,632
B) $518,062
C) $732,546
D) $949,328
E) $1,215,234

Question

Quizplus · Accepted Answer

$$F V = 100 \left( \frac { ( 1 + .01 ) ^ { 120 } - 1 } { .01 } \right) + 150,000 ( 1 + .01 ) ^ { 120 } = \$ 518,061.90$$

You Currently Have $150,000 in an IRA Designated for Retirement