Pat is a 23 year old man. He earns a taxable income of $70,000.00, and the effective tax rate on his income is 19%. He contributes 10% of his earnings into a Roth IRA
account with 3% return what is his estimated Roth IRA balance when he is 50 years
old?

$12,594.71

Step-by-step explanation:

i did the test

the answer is 200

step-by-step explanation:

the way the question is worded, it seems to imply the $264 interest is simple interest, not compound interest.

the simple interest for 2 years is $264; the simple interest for 1 year is $132.

$132 interest on a $600 investment means an interest rate of (132/600)*100 = 22%.

the value of $200 at 22% interest compounded annually for three years is

200%281.22%29%5e3

the amount of interest is that value, minus the original $200.

4th option is correct xy=-10

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