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5 of stion Assume that you are 40 years old today, and that you are planning on retirement at age 65. You expect your salary

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5 of stion Assume that you are 40 years old today, and that you are planning on retirement at age 65. You expect your salary to be $500,000 one year from now and you expect it to remain constant till you retire. To save for your retirement, you plan on making annual contributions to a retirement account. Your first contribution will be made on your 41st birthday and will be 10% of this year's salary. Likewise, you expect to deposit 10% of your salary each year until you reach age 65 (last payment on your 65th birthday). Assume that the rate of interest is 10%. The future value (FV) at retirement (age 65) of your savings is closest to Select one: O a. $5,417,858 O b. $4,917,353 O c. $3,517,858 O d. $1,445,531

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