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7. You are planning to make monthly deposits of $160 into a retirement account that pays 9 percent interest compounded monthly. If your first deposit

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7. You are planning to make monthly deposits of $160 into a retirement account that pays 9 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 24 years? Monthly rate= 9%/12 = 0.75% per month Period in months = 24 x 12 = 288 Monthly deposits = $160 Cumulative FV factor of 0.75% for 288 =

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