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How to invest in retirement account

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Robert deposits $150 monthly into a retirement account that has an APR of 5% with monthly compounding. What will this be worth in 40 years from today if it has $5,000 in it today?

a. What will this be worth in 40 years from today if it has $5,000 in it today?

b. How much would he need to deposit monthly to achieve $500,000 in 40 years if it has $5,000 in it today?

Reference no: EM1359634

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