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Discuss the problem of contribution related to phyliss

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Reference no: EM131556402

Question: Phyliss opened an IRA on January 31, 1993, with a contribution of $2000. She plans to make a contribution of $2000 thereafter on January 31 of each year until her retirement in the year 2012 (20 payments). If the account earns interest at the rate of 8%/year compounded yearly, how much will Phyliss have in her account when she retires?

Reference no: EM131556402

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