Amount of interest accumulated at the time of retirement

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Reference no: EM131014864

Emily Dorsey's current salary is $64,000 per year, and she is planning to retire 30 years from now. She anticipates that her annual salary will increase by $2,000 each year ($64,000 the first year, to $66,000 the second year, $68,000 the third year, and so forth), and she plans to deposit 10% of her yearly salary into a retirement fund that earns 5% interest compounded daily. What will be the amount of interest accumulated at the time of Emily's retirement? Assume 365 days per year.

Reference no: EM131014864

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