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How much will savings be worth in five years

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Over the past several years, Mr Lee has been able to save regularly. As a result, today he has $14,188 savings. He wants to establish her retirement fund in 5 years and feels he will need $50,000 to do so.

Problem a. If he can earn 12% p.a. on his money, how much will his $14,188 savings be worth in 5 years? Will Mr Lee have $50,000 he needs? If not, how much more money will he need?

Reference no: EM132894108

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