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How much will you have in the retirement account

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Question - Assume you are 30 years old today, and that you are planning on retirement at age 65. Your current salary is 45,000. To save for retirement, you plan on making annual contributions to a retirement account. Your first contribution will be made on you 31st birthday and will be 8%of your salary. Likewise you expect to deposit 8% of your salary each year until age 65. Assume the rate of interest is at 7%. How much will you have in the retirement account when you retire at age 65?

Reference no: EM133074057

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