Answer to Question #350241 in Financial Math for Irfan

Question

Suppose that you establish an IRA (Individual Retirement Account) at age 43 and you will retire after 22 years hence at age 65. You plan to make annual payments of Rs1000 into the IRA at the beginning of each year. If you assume a rate of return of 8.5 percent a year, calculate the future value of your IRA when you will retire at age 65.

Answer 1

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