Starting at age 25, you deposit $2,000 a year into an IRA account. Treat the yearly deposits
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Starting at age 25, you deposit $2,000 a year into an IRA account. Treat the yearly deposits into the account as a continuous income stream. If money in the account earns 5%, compounded continuously, how much will be in the account 40 years later, when you retire at age 65? How much of the final amount is interest?
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Solution a 14837375 b 625000 The answer to part a is the sum of ...View the full answer
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Related Book For
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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