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12.4 Exercise 140

Avg difficulty 2.5

Solve the problem.

Adam just got his first full-time job after graduating from high school at age 17. He decided to invest $300\$ 300 per month in an IRA (an annuity). The interest on the annuity is 7%7 \% which is compounded monthly. How much will be in Adam’s account when he retires at his sixty-seventh birthday?

OpenStax Intermediate Algebra 2e, 12.4 Binomial Theorem, exercise 140

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Adapted from Intermediate Algebra 2e © 2020 Rice University. Licensed under CC BY 4.0. Source: Intermediate Algebra 2e. Imported at revision 77a933c.