Maria Anguiano s current salary is 62 000 per year and she

Last updated: 1/21/2024

Maria Anguiano s current salary is 62 000 per year and she is planning to retire 25 years from now She anticipates that her annual salary will increase by 2 900 each year That is in the first year she will earn 62 000 in the second year 64 900 in the third year 67 800 and so forth She plans to deposit 6 of her yearly salary into a retirement fu that earns 8 interest compounded daily What will be the amount accumulated at the time of her retirement Assume 365 days in a year The effective annual interest rate is Round to four decimal places