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Starting at age 30, you deposit $2000 a year into an IRA account for re stream. If money in the account earns 6%, compounded continuously. much of the final amount is interest?

Starting at age 30, you deposit $2000 a year into an IRA account for re stream. If money in the account earns 6%, compounded continuously. much of the final amount is interest?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Excel Starting at age 30, 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 35 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.) n < SMSe
Transcribed Image Text:Excel Starting at age 30, 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 35 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.) n < SMSe
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