Mathematics - Finite Mathematics - Annuities
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Retirement Annuity -
When she is 30, Sue starts making annual deposits of $2,000 into a bondfund that pays 8% annual interest compounded continuously. Assuming that her deposits are made as a contiuous income flow, how much money will be in her account if she retires at age 55?
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P = $2000, i = 8% = 0.08 every year but compounded continuously.
The term of saving = 55 ?30 = 25 years.
At the end of year1, the amount will be A1 = P.e^rt = 2000.e^(0.08) = ...
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