16
QuizMultiple Choice

Unit Test — Unit test

Question 16 • CARE_24_25_TX-Mathematical Models with Applications B

A Roth Individual Retirement Account allows you to draw a fixed amount that is not taxed. The maximum amount that an individual can contribute annually to a Roth IRA is $5,000. Determine the future value of such an account given that the annual percent rate is 1.2%, and an annual payment of $2,675.32 is made at the end of each year for 30 years. Round to the nearest cent.

Answer
A
$95,245.67
B
$95,340.91
C
$97,074.97
D
$95,923.88
Previous
Next