Homework #2-Xiaoyu Liu Maria Anguiano's current salary is $65,000 per year, and she is planning to retire 25 years from now. She anticipates that her annual salary will increase by $3,000 each year. (That is, in the first year she will earn $65,000, in the second year $68,000, in the third year $71,000, and so forth.) She plans to deposit 5% of her yearly salary into a retirement fund that earns 7% interest compounded daily. What will be the amount accumulated at the time of her retirement? Assume 365 days in a 4. year. The effective annual interest rate is %. (Round to four decimal places.) The amount accumulated at the time of Maria Anguiano's retirement is $ (Round to the nearest dollar.)

C++ Programming: From Problem Analysis to Program Design
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ISBN:9781337102087
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Chapter5: Control Structures Ii (repetition)
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Problem 20PE: When you borrow money to buy a house, a car, or for some other purpose, you repay the loan by making...
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Homework #2-Xiaoyu Liu
4. Maria Anguiano's current salary is $65,000 per year, and she is planning to retire 25 years from now. She anticipates that her annual salary will increase by $3,000
each year. (That is, in the first year she will earn $65,000, in the second year $68,000, in the third year $71,000, and so forth.) She plans to deposit 5% of her yearly
salary into a retirement fund that earns 7% interest compounded daily. What will be the amount accumulated at the time of her retirement? Assume 365 days in a
year.
The effective annual interest rate is
%. (Round to four decimal places.)
The amount accumulated at the time of Maria Anguiano's retirement is $
(Round to the nearest dollar.)
Transcribed Image Text:Homework #2-Xiaoyu Liu 4. Maria Anguiano's current salary is $65,000 per year, and she is planning to retire 25 years from now. She anticipates that her annual salary will increase by $3,000 each year. (That is, in the first year she will earn $65,000, in the second year $68,000, in the third year $71,000, and so forth.) She plans to deposit 5% of her yearly salary into a retirement fund that earns 7% interest compounded daily. What will be the amount accumulated at the time of her retirement? Assume 365 days in a year. The effective annual interest rate is %. (Round to four decimal places.) The amount accumulated at the time of Maria Anguiano's retirement is $ (Round to the nearest dollar.)
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