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(Solved): Suppose a 40 -year-old person deposits \( \$ 4,000 \) per year in an Individual Retirement Account ...




Suppose a 40 -year-old person deposits \( \$ 4,000 \) per year in an Individual Retirement Account until age 65 . Find the to
Suppose a 40 -year-old person deposits \( \$ 4,000 \) per year in an Individual Retirement Account until age 65 . Find the total in the account with the following assumption of an interest rate. (Assume quarterly compounding, with payments of \( \$ 1,000 \) made at the end of each quarter period.) Find the total amount of interest earned \( 5 \% \) The total in the account is \( \$ \) (Round to the nearest cent as needed.)


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In this case P = $1000 r = 5% = 0.05 n = 4 [Compound
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