Ruby is 25
Subject:MathPrice: Bought3
Ruby is 25. She currently has $8,800 in an IRA. The IRA will grow at an annual rate of 7%. She will not touch it until age 65. Ruby estimates she will need $875,00 in her total retirement nest egg. She expects $15,00 a year from Social Security.
a. How much will the IRA be worth when she retires?
The FV Table gives 14.974. This is at 7% for 40 years. I think you are to use this somewhere.
