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#3 A participant in a pension plan aged 25 currently earns $20,000 per year. This participant plans to contribute 6% of salary at the end

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#3 A participant in a pension plan aged 25 currently earns $20,000 per year. This participant plans to contribute 6% of salary at the end of each year into the pension fund for 40 years. Find the accumulated value at age 65 of these contributions, if the participant receives annual 3% salary increases until retirement and if the pension fund earns 6% effective per year

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