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How much more do need to save at the end of every year

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Problem a. You invest $4114 at the beginning of every year and your friend invests $4114 at the end of every year. If you both earn an annual rate of return of 14% - how much will you have in your account after 11 years? how much will you friend have?

Problem b. You currently have $2956 in a retirement savings account that earns an annual rate of return of 08.00% You want to retire in 44 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: EM132665156

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