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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 7%, 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.) How much of the future value is interest? 2$ (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 the account as a continuous income stream. If money in the account earns 7%, 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.) How much of the future value is interest? 2$ (Round to the nearest dollar as needed.)

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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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 7%, 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.) How much of the future value is interest? $ (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 7%, 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.) How much of the future value is interest? $ (Round to the nearest dollar as needed.)
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