Like the attached question you have to solve both parts of given question Starting at age 35, you deposit $2000 a year into an IRA account for retirement. Treat the yearly deposits into theaccount as a continuous income stream. If money in the account earns 4%, compounded continuously, how muchwill be in the account 30 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.) Starting at age 30, you deposit $2000 a year into an IRA account for retirement. Treat the yearly deposits into theaccount as a continuous income stream. If money in the account earns 6%, compounded continuously, how muchwill be in the account 35 years later, when you retire at age 65? How much of the final amount is interest?What is the value of the IRA when you turn 65?$ 238,872 (Round to the nearest dollar as needed.)How much of the future value is interest?$ 168,872 (Round to the nearest dollar as needed.)

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Starting at age 35, 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 4%, compounded continuously, how much will be in the account 30 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.)

Starting at age 35, 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 4%, compounded continuously, how much will be in the account 30 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.)

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter6: Saving And Investing

Section6.1: Why Save?

Problem 6R

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