Question
On April 1, 1998, Marcus Chapman deposited $4000 into an Individual Retirement Account (IRA) paying interest at the rate of 3% per year compounded continuously.
On April 1, 1998, Marcus Chapman deposited $4000 into an Individual Retirement Account (IRA) paying interest at the rate of 3% per year compounded continuously. Assume that he deposited $4000 annually thereafter. If the interest is paid at the same initial rate, approximately how much did he have in his IRA at the beginning of 2014? (Round your answer to the nearest whole number.)
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Financial Accounting In An Economic Context
Authors: Jamie Pratt
3rd Edition
0538855843, 978-0538855846
