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    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 Preview

    First year (the end of 21 years old): 5000
    Second Year: ...

    Solution Summary

    The solution provides detailed explanation how to find the total money based on the compounded interest.