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The amount of interest accumulated at the time of Emily's retirement will be $ thousand. (Round to the nearest whole number.)

The amount of interest accumulated at the time of Emily's retirement will be $ thousand. (Round to the nearest whole number.)

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Emily Dorsey's current salary is $80,000 per year, and she is planning to retire 26 years from now. She anticipates that her annual salary will increase by $3,000 each year ($80,000 the first year, to $83,000 the second year, $86,000 the third year, and so forth), and she plans to deposit 10% of her yearly salary into a retirement fund that earns 9% interest compounded daily. What will be the amount of interest accumulated at the time of Emily's retirement? Assume 365 days per year. C The amount of interest accumulated at the time of Emily's retirement will be $ thousand. (Round to the nearest whole number.)
Transcribed Image Text:Emily Dorsey's current salary is $80,000 per year, and she is planning to retire 26 years from now. She anticipates that her annual salary will increase by $3,000 each year ($80,000 the first year, to $83,000 the second year, $86,000 the third year, and so forth), and she plans to deposit 10% of her yearly salary into a retirement fund that earns 9% interest compounded daily. What will be the amount of interest accumulated at the time of Emily's retirement? Assume 365 days per year. C The amount of interest accumulated at the time of Emily's retirement will be $ thousand. (Round to the nearest whole number.)
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