Interest accumulated at the time of emily retirement

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Reference no: EM131835294

Emily Dorsey's current salary is $77,000 per year, and she is planning to retire 18 years from now. She anticipates that her annual salary will increase by $4,000 each year ($77,000 the first year, to $81,000 the second year, $85,000 the third year, and so forth), and she plans to deposit 5% of her yearly salary into a retirement fund that earns 8% 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: EM131835294

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