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You have just made your first $5,000 contribution to your individual retirement account. Assuming you earn an annual rate of return of 9.75 percent and make no additional contributions, what will your account be worth when you retire in 45 years

Respuesta :

Answer:

the future value is $328,983.26

Explanation:

The computation of the amount that would be retired in 45 years is shown below:

As we know that

Future value = Present value × (1 + interest rate)^time period

= $5,000 × (1 + 9.75%)^45

= $328,983.26

Hence, the future value is $328,983.26

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