Starting at age 35, you deposit $2000 a year into an IRA account for retirement. Treat the yearly deposits into the account as a continuous income stream. If money in the account earns 6%, compounded continuously, how much will be in the account 30 years later. How much of the final amount is interest? What is the value of the IRA when you turn 65? (Round to the nearest dollar as needed.) How much of the future value is interest? (Round to the nearest dollar as needed.)

Starting at age 35, you deposit $2000 a year into an IRA account for retirement. Treat the yearly deposits into the account as a continuous income stream. If money in the account earns 6%, compounded continuously, how much will be in the account 30 years later. How much of the final amount is interest? What is the value of the IRA when you turn 65? (Round to the nearest dollar as needed.) How much of the future value is interest? (Round to the nearest dollar as needed.)

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section: Chapter Questions

Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...

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