Deposit into savings plan

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Reference no: EM132021051

1. Bobby's best friend is 27 and deposits $2,000 at the end of each year into an individual retirement account (IRA). If the account earns 10% compounded annually, how much will he have when he retires 38 years later?

2. At the end of each month for 20 years, you deposit $150 into a savings plan. You then make no further deposits, but leave the money in the plan for another 10 years. If the plan earn 5.5% compounded monthly, what will the balance be at the end of the 30-year period?

Reference no: EM132021051

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