# With Individual Retirement Accounts (IRAs), a worker whose income does not exceed certain limits can deposit up to a certain amount annually, with taxes deferred on the principal and interest. To attract depositors, banks have been advertising the amount that would accumulate by retirement. Suppose a 40-year-old person deposits \$2000 per year until age 65. Find the total in the

Chapter 12, Section 12.2 #44

With Individual Retirement Accounts (IRAs), a worker whose income does not exceed certain limits can deposit up to a certain amount annually, with taxes deferred on the principal and interest. To attract depositors, banks have been advertising the amount that would accumulate by retirement. Suppose a 40-year-old person deposits \$2000 per year until age 65. Find the total in the account with the interest rates stated in Exercises. Assume semiannual compounding with payments of \$1000 made at the end of each semiannual period.

12%

Related Book For

## Calculus With Applications

12th Edition

Authors: Margaret L. Lial

ISBN: 9780135871348