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Sagot :
You will earn $81,697.46 the year that you will be 62 years old.
We will use the amount formula while using the concept of compound interest.
We have the formula for amount,
A= P(1+R/100)^n
We have,
p= $37,000
r= 2%
n= 62-22=40
So, earning when you are 62 years old is= $37,000 (1+2/100)^40
= $81,697.46
Since salary is compounded each year on the last year salary, so we use the formula of amount in case of compound interest to calculate our salary at the end of some years.
Simple interest is calculated on the principal, or original, amount of a loan. Compound interest is calculated on the principal amount and the accumulated interest of previous periods, and thus can be regarded as “interest on interest.”
To learn more about compound interest here
brainly.com/question/14295570
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