At the age of 31, to save for retirement, you decide to deposit $20 at the end of each month in an IRA that pays 3.5% compounded monthly.a.Use the following formula to determine how much you will have in the IRA when you retire at age 65.Upper A equals StartFraction Upper P left bracket left parenthesis 1 plus r right parenthesis Superscript t Baseline minus 1 right bracket Over r EndFraction orUpper A equals StartStartFraction Upper P left bracket left parenthesis 1 plus StartFraction r Over n EndFraction right parenthesis Superscript nt Baseline minus 1 right bracket OverOver left parenthesis StartFraction r Over n EndFraction right parenthesis EndEndFractionb.Find the interest....Question content area rightPart 1a. You will have approximately $
in the IRA when you retire.
(Do not round until the final answer. Then round to the nearest dollar as needed
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