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02-06-2023
Business

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Suppose you just turned 22 years old today. You are planning to start saving $500 per month (at the end of each month) for the next 45 years so that you can retire on your 67th birthday. Further suppose these deposits are made at the end of each month. The APR is 8% with monthly
compounding. How much will you have in vour account after the final contribution is
made on your 67th birthday?

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