How much would be available when you retire

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Question - Suppose that you were to receive a $30,000 gift upon graduation from your master's degree program, when you turn 31 years old.  At the end of each working year for 34 yearrs, you put an additional $5,000 into an IRA.

Assuming you earn an annual compounded rate of 7.5 percent on the gift and the IRA investments, how much would be available when you retire at age 65?

Reference no: EM133125082

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