What is the worth of jays account

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Point 1: Start saving for retirement immediately! Even a modest amount will add up in a hurry. Jay decides to follow this advice and puts away 1% of his annual salary of $50,000 per year. This equates to $500 on his 21st birthday, and his salary will increase by 2% (on average) every year therafter until Jay tunrs 60 years old.

Question 1: What is the worth of Jay's account at age 60 when the annual interest rate on Jay's account is 4% per year?

Reference no: EM132483099

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