Question

Ryan starts an IRA (Individual Retirement Account) at the age of 36 to save for retirement. He deposits $400 each month. Upon retirement at the ageof 65, his retirement savings is $339,322.04. Determine the amount of money Ryan deposited over the length of the investment and how much hemade in interest upon retirement.Formulas

Answer 1

Hello

Mr. Ryan saved for a total of 65 - 36 years

$65-36=29$

Mr. Ryan saved for a total of 29 years. In that 29 years he saved for a total of 348 months.

$29\times12=348$

for the total of 348 months, he saved a total of 400 * 348

$400\times348=139200$