What will be the amount of interest accumulated

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Reference no: EM132179937

Question - Emily Dorsey's current salary is $84000 per year, and she is planning to retire 20 years from now. She anticipates that her annual salary will increase by 2000 each year ($84000 the first year, to $86000 the second year, $88000 the third year, and so forth), and she plans to deposit 5 % of her yearly salary into a retirement 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.

The amount of interest accumulated at the time of Emily's retirement will be $ 48 Thousand. Please explain thoroughly. Preferably using the formulas not excel.

Reference no: EM132179937

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