Rachael deposits $2,000 into a retirement fund each year. The fund earns 9.2% annual interest, compounded monthly. If she opened her account when she turned 19, how much will she have by the time she turns 55? How much of that amount will be interest earned?

Round your answers to the nearest dollar.

Question

06-06-2024
Mathematics

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Rachael deposits $2,000 into a retirement fund each year. The fund earns 9.2% annual interest, compounded monthly. If she opened her account when she turned 19, how much will she have by the time she turns 55? How much of that amount will be interest earned?

Round your answers to the nearest dollar.

Sagot :

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