Math Problem Statement

An Individual Retirement Account​ (IRA) has ​$18 comma 000 in​ it, and the owner decides not to add any more money to the account other than interest earned at 6​% compounded daily. How much will be in the account 33 years from now when the owner reaches retirement​ age? Use a​ 365-day year. Question content area bottom Part 1 The amount in the account at retirement age is ​$    enter your response here.

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponential Growth

Formulas

A = P(1 + r/n)^(nt)

Theorems

Compound Interest Theorem

Suitable Grade Level

Grades 10-12