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You are 29 years old and decide to start saving for your retirement. You plan to save $6,500 at the end of each year​ (so the first deposit will be one year from​ now), and will make the last

You are 29 years old and decide to start saving for your retirement. You plan to save $6,500 at the end of each year​ (so the first deposit will be one year from​ now), and will make the last deposit when you retire at age 66. Suppose you earn 7% per year on your retirement savings.

a. How much will you have saved for​ retirement?

b. How much will you have saved if you wait until age 34 to start saving​ (again, with your first deposit at the end of the​ year)?

 

Aug 12 2021 View more View Less

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