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How much less could you have deposited last

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Last year, you deposited 25,000 into a retirement savings account at a fixed rate of 7.5 percent. Today, you could earn a fixed rate of 8% on a similar type account. However, your rate is fixed and cannot be adjusted. How much less could you have deposited last year if you could have earned a fixed rate of 8% and still have the same amount as you currently will when you retire 40 years from today?

Reference no: EM132406809

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