Question: Use Future Value and Present Value Tables to Apply Compound Interest to Accounting Transactions UseFuture Value TablesandPresent Value Tables, or your calculator, to complete the

Use Future Value and Present Value Tables to Apply Compound Interest to Accounting Transactions

UseFuture Value TablesandPresent Value Tables, or your calculator, to complete the requirement below.

Chuck Russo, a high school math teacher, wants to set up an IRA account into which he will deposit $2,000 per year. He plans to teach for 20 more years and then retire.

Required:

If the interest on his account is 7% compounded annually, how much will be in his account when he retires? Round your answer to the nearest cent.

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