An Individual Retirement Account (IRA) has $17 comma 000in it, and the owner decides not to add any more money to the account
other than interest earned at 4%compounded daily. How much will be in the account 30years from now when the owner reaches retirement age?
1 answer:
Answer: The owner reaches at Rs. 56438.28 after 30 years.
Step-by-step explanation:
Since we have given that
Sum = Rs. 17000
Rate of compounded daily = 4%
Number of years = 30 years
So, Using "compound interest formula" we get that :
Hence, The owner reaches at Rs. 56438.28 after 30 years.
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