Determine the value of the investment

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Ramon and Mia want to invest $6,363 at the end of this year into an investment account. They plan to invest 8.0% more next year, and will continue to increase their contributions 8.0% from each year to the next. Assuming the annual investment rate of return is 3.8%, what will be the value of the investment at the end of 5 years?

Round the answer to two decimals.

Reference no: EM133254011

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