Amount of interest accumulated at time of retirement

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Reference no: EM13847899

Emily Dorsey's current salary is $74,000 per year, and she is planning to retire 27 years from now. She anticipates that her annual salary will increase by $2000 each year ( $74000 first year, $76000 second year...) and she plans to deposit 10% of her yearly salary into a requirement fund that earns 4% interest compounded daily. What will be the amount of interest accumulated at the time of Emily's retirement? Assume 365 days per year.

Please show formulas used for each part.

Reference no: EM13847899

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