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Determine how much will be in the account

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Question - Juan is 25 years old today. A year from now (i.e., on his 26th birthday) he will deposit $8,000 in a retirement account. Each year thereafter, he will deposit $500 more than the previous year. Using a gradient series factor, determine how much will be in the account immediately after his 10th deposit (35 years old) if the account earns annual compound interest of 10%.

Reference no: EM133128158

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