Alex wants to start an ira that will have $1,250,675 in it when he retires in 30 years. how much should he invest semiannually in his ira to do this if the interest is 4.5% compounded semiannually? assume an annuity due. round to the nearest cent.

The formula of the future value of annuity due is
Fv=pmt [(1+r/k)^(kn)-1)÷(r/k)]×(1+r/k)
Fv future value 1250675
PMT semiannual payment?
R interest rate 0.045
K compounded semiannual 2
N time 30 years
Solve the formula for PMT
PMT=Fv÷ [(1+r/k)^(kn)-1)÷(r/k)]×(1+r/k) Plug in the formula
PMT=1,250,675÷1+0.045
÷2)^(2×30)−1)÷(0.045÷2))×(1+0.045÷2))
=9,828.44...Answer

Hope it helps!

I’m not sure about that

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