What is the compound future amount

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Reference no: EM13862331

If you, a 22 year-old engineer, and your employer combine to contribute $2,200 (A1) to your 401(k) retirement account which is projected to earn 7% per year. You expect this amount to increase 3% per year indefinitely. You plan to retire in 40 years (at age 62). What is the compound future amount (F) you should expect? [Hint: There will be 40 EOY payments]

Reference no: EM13862331

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