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Solve the Problem $2000\$ 2000 In an IRA At 10%10 \% Interest Compounded Continuously for His Retirement in 25 Years

Question 145

Multiple Choice

Solve the problem.
-Richard deposits $2000\$ 2000 in an IRA at 10%10 \% interest compounded continuously for his retirement in 25 years. He intends to make continuous deposits of $2500\$ 2500 a year. How much will be accumulated in 5 years?


A) $19,172\$ 19,172
B) $19,986\$ 19,986
C) $19,515\$ 19,515
D) $19,371\$ 19,371

Correct Answer:

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