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.)
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.)
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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Transcribed Image Text: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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