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Differential Equation   Your employer automatically puts 15 percent of your salary into a 401(k) retirement account each year. The account earns 7% interest. Suppose you just got the job, your starting salary is $45000, and you expect to receive a 3.5% raise each year. For simplicity, assume that interest earned and your raises are given as nominal rates and compound continuously. Find the value of your retirement account after 25 years Value = $

Differential Equation   Your employer automatically puts 15 percent of your salary into a 401(k) retirement account each year. The account earns 7% interest. Suppose you just got the job, your starting salary is $45000, and you expect to receive a 3.5% raise each year. For simplicity, assume that interest earned and your raises are given as nominal rates and compound continuously. Find the value of your retirement account after 25 years Value = $

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter2: Graphical And Tabular Analysis
Section2.4: Solving Nonlinear Equations
Problem 17E: Van der Waals Equation In Exercise 18 at the end of Section 2.3, we discussed the ideal gas law,...
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Differential Equation

 

Your employer automatically puts 15 percent of your salary into a 401(k) retirement account each year. The account earns 7% interest. Suppose you just got the job, your starting salary is $45000, and you expect to receive a 3.5% raise each year.

For simplicity, assume that interest earned and your raises are given as nominal rates and compound continuously.

Find the value of your retirement account after 25 years

Value = $

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