When Jamal graduated from college recently, his parents gave him ($1,000) and told him to use it

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When Jamal graduated from college recently, his parents gave him \($1,000\) and told him to use it wisely.

Jamal decided to use the money to start a retirement account. After doing some research about different options, he put the entire amount into a tax-deferred IRA that pays 11 percent interest, compounded annually.

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