find the total amount after years of compounded interest
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If someone is 21 years old, deposits $5000 each year into a traditional Individual Retirement Account (IRA) for 49 years at 6% interest compounded annually, and retires at age 70, how much money will be in the account upon retirement?
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Solution Summary
The solution provides detailed explanation how to find the total money based on the compounded interest.
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First year (the end of 21 years old): 5000
Second Year: ...
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