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QUESTION
Carol is 20 years old. She opens an investment account to begin saving for retirement at age 65. Carol deposits $6,000 each year and earns 8% interest, compounded annually. a) Find the time in years
Carol is 20 years old. She opens an investment account to begin saving for retirement at age 65. Carol deposits $6,000 each year and earns 8% interest, compounded annually.
a) Find the time in years for Carol’s investment.
b) Calculate the total amount of money that Carol will deposit over the years.
c) What will the account balance be when Carol retires at age 65?
