Ryan starts an IRA (Individual Retirement Account) at the age of 22 to save for retirement. He deposits $300 each month. Upon retirement at the age of 65, his retirement savings is $956,995.70. Determine the amount of money Ryan deposited over the length of the investment and how much he made in interest upon retirement.

Respuesta :

65-22= 43 so the time he was saving was 43 years. Then we multiply 43x12=516 to find how many months it was. Next we multiply 516x300=154,800 to find how much money he deposited in all. Then we deduct it 956,9975.70-154,800=802,195.70. So his interest he made is $802,195.70 and the total money he deposited is $154,800. I hope this helps and I think I did it right but please make sure because I don’t want to hurt yours grades if I’m wrong. Just in case my maths wrong or I didn’t understand the question. I wish you luck!!
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