a. You invest $10,000 per year in a pair of IRAs--one for you and one for your spouse (Consider the $10,000 total as a single payment for this problem). The investment you've chosen in the IRAs has been earning 8.5% annually. If the investment continues to earn this same average, what the total amount be after 30 years?
b. You will invest $300 per month into an account that pays 5% per year (but with monthly compounding). After 25 years how much money do you have?
c. You will put $50 per month into a savings account for one of your children. The account earns an annual rate of 3% (with monthly compounding). After 18 years, what is the balance in the account?
d. You decide to invest $1,000 per year in an investment yielding 11% per year. After 35 years, how much will you have?
e. PMT = $100 per MONTH; I = 10% per year; N = 120 MONTHS. Calculate FV.