Concept explainers
Sally makes deposits into a retirement account every year from the age of 30 until she retires at age 65.
a. If Sally deposits $1200 per year and the account earns interest at a rate of 4% per year, compounded annually, how will she have in the account when she retires? (Hint: Use the annuity formula given for Exercises 35 and 36.)
b. How much of that total amount is from Sally’s deposits? How much is interest?
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