Ethan is 48 years old. He is planning on retiring when he turns 62. He has opened an IRA with an APR of 2.95% compounded monthly. If he makes monthly deposits of $850 to the account, how much will he have in the account when he is ready to retire?
Answer: Ethan plans to retire at 62, and he's currently 48. He's making monthly deposits of $850 into an IRA with an APR of 2.95% compounded monthly. When he retires, he'll have around $1299.28 in the account.
