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3. Elvina is 40 years old and plans to start saving for her retirement. She plans to start annual saving of RM5,500 one year

3. Elvina is 40 years old and plans to start saving for her retirement. She plans to start annual saving of RM5,500 one year from now in a stock market that she expect will give an average return of 8.5%. How much will Elvina save at the age of 65? (5 marks)

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