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Find how much more do need to save at end of every year

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Question 1: You invest $3163 at the beginning of every year and your friend invests $3163 at the end of every year. If you both earn an annual rate of return of 11% - how much will you have in your account after 20 years? how much will you friend have?

Question 2: You currently have $2874 in a retirement savings account that earns an annual rate of return of 11.00% You want to retire in 45 years with $1,000,000. How much more do you need to save at the end of every year to reach your retirement goal?

Reference no: EM132665596

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