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12.3 Exercise 33

Avg difficulty 2.5

Arturo just got his first full-time job after graduating from college at age 27. He decided to invest $200 per month in an IRA (an annuity). The interest on the annuity is 8%, which is compounded monthly. How much will be in the Arturo’s account when he retires at his sixty-seventh birthday?

OpenStax Intermediate Algebra 2e, 12.3 Geometric Sequences and Series, exercise 33

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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.