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How much will you have saved at the end of five years

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Reference no: EM13844513

Suppose that you earned a bachelor's degree and now you're teaching high school. The school district offers teachers the opportunity to take a year off to earn a master's degreee.

To achieve this goal, you deposit $5000 at the end of each year in an annuity that pays 7% compounded annually.

a. How much will you have saved at the end of five years?

b. Find the interest.

Reference no: EM13844513

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