Mathematics, 03.06.2020 12:59 maddihamidou
Joseph has been working as a doctor for 5 years now and figures that he better start saving
for his retirement. His annual salary is $200,000. He speaks with a financial advisor who
advises him to contribute 20% of his annual salary to a retirement account each year. The
advisor informs him of an account that pays 2.3% annual interest compounded annually.
Joseph at the age of 35 decides to do it.
A) How much money will Joseph have in the account when he retires at 65?
B) How much will he have earned in interest?
Answers: 3
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Joseph has been working as a doctor for 5 years now and figures that he better start saving
for his...
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