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 5%, compounded continuously, how much will be in the account 35 ye 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? S(Round to the nearest dollar as needed.)

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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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 5%, 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?
What is the value of the IRA when you turn 65?
$.
(Round to the nearest dollar as needed.)
Transcribed Image Text: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 5%, 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? What is the value of the IRA when you turn 65? $. (Round to the nearest dollar as needed.)
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