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9. Where is the mistake? Rachel starts an IRA at the age of 22 to save for retirement, which she hopes to do by age

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9. Where is the mistake? Rachel starts an IRA at the age of 22 to save for retirement, which she hopes to do by age 60. She opens the account with $1000 and deposits $350 each month. The IRA has an average annual interest rate of 6.75% compounded monthly. How much money will she have saved when she retires? PV:0 Payment: 350 FV:728,007.04 APR: 6.75\% Periodsper: 12(6022)=456n/ compounding: 12

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