Joseph has been working as a doctor for 5 years now and figures that he better start saving for his retirement. His annual salary is $200,000. He speaks with a financial advisor who
advises him to contribute 20% of his annual salary to a retirement account each year. The
advisor informs him of an account that pays 2.3% annual interest compounded annually.
Joseph at the age of 35 decides to do it.
A) How much money will Joseph have in the account when he retires at 65?
B) How much will he have earned in interest?

So, Joseph has been working as a doctor for 5 years.

Step-by-step explanation:

Now lets work this step by step so he is going start saving at the age of 35. His annual salary is $200,000 and then an advisor who advised him to contribute 20% of his salary to the account each year, then the advisor informed him of an account that pays 2.3% annual interest to make up (compound) annually. So now lets work on the question so we have to find out how much money he will have in his account when he retries at the age 65. First lets do a simple way to figure this out, so lets take of 20%  from $200,000 which will be 163,680 if you also take out the 2.3% as a sales tax so then he is going to retire in 30 years so then lets multiply 30 by 163,680 so it will be 4,910,400 by 65. Next question, he will earn 4,705 in interest because you have to take of the interest from the salary to get 4,705. Hope this helped!! Stay safe!

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