Your employer automatically puts 5 percent of yoursalary into a 401(k) retirement account each year.The account earns 10% interest. Suppose you just gotthe job, your starting salary is $45000, and youexpect to receive a 3% raise each year.For simplicity, assume that interest earned and yourraises are given as nominal rates and compoundcontinuously.Find the value of your retirement account after 35yearsValue = $

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Answered: Find the value of your retirement…

Math

Advanced Math

Find the value of your retirement account after 35 years

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

Chapter7: Percents

Section7.7: Simple And Compound Interest

Problem 16E

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Question

Your employer automatically puts 5 percent of your
salary into a 401(k) retirement account each year.
The account earns 10% interest. Suppose you just got
the job, your starting salary is $45000, and you
expect to receive a 3% raise each year.
For simplicity, assume that interest earned and your
raises are given as nominal rates and compound
continuously.
Find the value of your retirement account after 35
years
Value = $

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