4. Micky starts a retirement account at age 32, putting away $250 each pay period, of which he has 24 per year. However, as his salary increases, he finds he is able to increase contributions at a continuous rate of 4%, modeled by f()-6000e. If his savings grow at 7.6% continuously, find the amount of money Micky will have at age 64. Use the appropriate formula, set it up and evaluate with all work shown. Round to the nearest $1.

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ISBN:9780470458365
Author:Erwin Kreyszig
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4. Micky starts a retirement account at age 32, putting away $250 each pay period, of which he has 24 per
year. However, as his salary increases, he finds he is able to increase contributions at a continuous rate of
4%, modeled by f()= 6000e04. If his savings grow at 7.6% continuously, find the amount of money
Micky will have at age 64.
Use the appropriate formula, set it up and evaluate with all work shown. Round to the nearest $1.
Transcribed Image Text:4. Micky starts a retirement account at age 32, putting away $250 each pay period, of which he has 24 per year. However, as his salary increases, he finds he is able to increase contributions at a continuous rate of 4%, modeled by f()= 6000e04. If his savings grow at 7.6% continuously, find the amount of money Micky will have at age 64. Use the appropriate formula, set it up and evaluate with all work shown. Round to the nearest $1.
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