Aroth 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 a annual payment of $2,675.32 is made at the end of each year for 30 years. round to the nearest cent

The answer is $95923.60

Step-by-step explanation:

Given information is :

p = 2675.32

r = 12% or 0.012.

After 1 year we have 'p' , after 2 years we have p(1+r), after t years we have :

This is a geometric series question with n terms. And n is given as 30 years.

Putting the values in the formula,

= $95923.598 ≈ $95923.60

Hence, the answer is $95923.60

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