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Accounting Assume that you make an annual salary of $120,000 for the entire year starting at the age of 22.Your salary grows each year at

Accounting Assume that you make an annual salary of $120,000 for the entire year starting at the age of 22.Your salary grows each year at 5%. You save 10% of your salary from ages 22-32 with an investment return per year of 7% What is the total amount of these savings when you retire at age of 60. Assume a 1.5% in annual trading, management and advisory cost. What is your revised investment return per year? What does this do to your retirement fund at age 60?

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Age Opening Balance Investment Interest Closing Balance 22 1200000 84000 1284000 23 1284000 1260000 178080 2722080 24 2722080 1323000 283156 4328236 25 4328236 1389150 400217 6117603 26 6117603 145860... blur-text-image

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