Repeat Problem 55 using your own age. Data from Problem 55 In 2012 the maximum Social Security
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Repeat Problem 55 using your own age.
Data from Problem 55
In 2012 the maximum Social Security deposit by an individual was \(\$ 8,386.75\). Suppose you are 25 and make a deposit of this amount into an account at the end of each year. How much would you have (to the nearest dollar) when you retire if the account pays \(3 \%\) compounded annually and you retire at age 65 ?
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