If you saved your tax refund $20,590.45, quit buying vendor coffee for one year $5,780.54, and decided to contribute $8,160 (you saved $680 per month) in your Roth IRA, how much would you have for retirement if you could invest these savings at 5% compounded annually for 30 years for this one year of savings? (Use the Table 12.1 provided.) Note: Round your answer to two decimal places.

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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Word Problem 12-29 (Algo) [LU 12-2 (2)]
If you saved your tax refund $20,590.45, quit buying vendor coffee for one year $5,780.54, and decided to contribute
$8,160 (you saved $680 per month) in your Roth IRA, how much would you have for retirement if you could invest these
savings at 5% compounded annually for 30 years for this one year of savings? (Use the Table 12.1 provided.)
Note: Round your answer to two decimal places.
Amount saved for Retirement
Transcribed Image Text:Word Problem 12-29 (Algo) [LU 12-2 (2)] If you saved your tax refund $20,590.45, quit buying vendor coffee for one year $5,780.54, and decided to contribute $8,160 (you saved $680 per month) in your Roth IRA, how much would you have for retirement if you could invest these savings at 5% compounded annually for 30 years for this one year of savings? (Use the Table 12.1 provided.) Note: Round your answer to two decimal places. Amount saved for Retirement
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