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individual retirement account for 25 month calculators

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    individual retirement account for 25 month calculators

    Hello all!

    I have a unique thought. Most IRA calculators that Imhave seen on different suite use a yearly basis. I had come across a Future values formula in excell that I might be able to use.

    Here is the data:

    1.99 percent
    25 months maturity
    starting value of 2475.83
    0 contribution.

    It should come out as 2488.75

    is this obtainable using the current FV formula or would it need to be modified?

    Thank you
    Last edited by lex.luthor; 02-20-2020 at 11:59 PM.

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    Re: Ira for 25 month calculators

    Hi and welcome

    what is IRA please? Irish Revolutionary Army?
    Not everyone understands these acronyms. Please update you title to be more explicit
    Thanks

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    Re: Ira for 25 month calculators

    Why do you say it should be 2478.75

    is the 1.99% an annual rate compounded every year, or an annual rate compounded every month

    Normally compounding 2478.75 every month for 25 months at an annual 1.99% would be 2480.278. i.e. teh result given by either the FV function
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    or a general
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    Maybe whatever your IRA is has some additional factor which results in an extra $8.47. Some broker/fund discount perhaps???
    Richard Buttrey

    RIP - d. 06/10/2022

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    Re: Ira for 25 month calculators

    Quote Originally Posted by Pepe Le Mokko View Post
    Hi and welcome

    what is IRA please? Irish Revolutionary Army?
    Not everyone understands these acronyms. Please update you title to be more explicit
    Thanks
    ...or even Republican....

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    Quote Originally Posted by Pepe Le Mokko View Post
    Hi and welcome

    what is IRA please? Irish Revolutionary Army?
    Not everyone understands these acronyms. Please update you title to be more explicit
    Thanks
    Ha! I forgot about that Ira also stands for that. My Galiege is leaking as I am also a learner for the language. In this case, IRA would be short for Indivual Retiremenr Account.

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    Quote Originally Posted by Richard Buttrey View Post
    Why do you say it should be 2478.75

    is the 1.99% an annual rate compounded every year, or an annual rate compounded every month

    Normally compounding 2478.75 every month for 25 months at an annual 1.99% would be 2480.278. i.e. teh result given by either the FV function
    Formula: copy to clipboard
    Please Login or Register  to view this content.


    or a general
    Formula: copy to clipboard
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    Maybe whatever your IRA is has some additional factor which results in an extra $8.47. Some broker/fund discount perhaps???
    Thank you for the reply. The 2488.25 is what is listed ob the form. When i did my calculation as you illustrated, that is what I had came up with. Which is off. I might have to see my banker for an explained detail. There might be something that is not on the form. Who knows, I might have found a hidden fee.

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    Re: Ira for 25 month calculators

    Quote Originally Posted by lex.luthor View Post
    Ha! I forgot about that Ira also stands for that. My Galiege is leaking as I am also a learner for the language. In this case, IRA would be short for Indivual Retiremenr Account.
    Would you mind changing your thread title accordingly so that the search engine will be updated? ( Edit your first post - Go advanced - change title)
    Thanks

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    Re: Ira for 25 month calculators

    taken care of. thank you for the idea.

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    Re: Ira for 25 month calculators

    hey Richard, would a division by 25 suit the formula instead of 12 because it is in 25 months? just wondering, haven't heard back from my financier yet. thank you

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    Re: Ira for 25 month calculators

    Sorry but my original suggestion was wrong. Not sure why I didn't spot that..

    Assuming the 1.99% you mention was an ANNUAL % in A1
    In A2: 25 (months)
    In A3: 2475.83 (present value)

    Then compounding at a monthly % of 1.99%/12 for 25 months would be

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    = $2580.54
    i.e the same as
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    or

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    = $2579.78
    i.e where the period (25 months) is 2.0833 years & compunded at 1.99% pa

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    Re: Ira for 25 month calculators

    Thank you all for the reples and sorry for the late delay in returning an answer. I also took an extra step and asked my personal banker into explaining on the processes on how they work.

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