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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 5%, compounded continuously, how much will be in the account 30 years later, when you retire at age 65? 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.).

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 5%, compounded continuously, how much will be in the account 30 years later, when you retire at age 65? 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.).

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section7.8: Transforming Exponential Expressions
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Excel 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 5%, compounded continuously, how much will be in the account 30 years later, when you retire at age 65? How much of the final amount is interest? ... hea What is the value of the IRA when you turn 65? (Round to the nearest dollar as needed.).
Transcribed Image Text:Excel 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 5%, compounded continuously, how much will be in the account 30 years later, when you retire at age 65? How much of the final amount is interest? ... hea What is the value of the IRA when you turn 65? (Round to the nearest dollar as needed.).
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