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After earning her MBA, Kat starts working at age 25 with a salary of $100,000. After the first year of work, she anticipates that her
After earning her MBA, Kat starts working at age 25 with a salary of $100,000. After the first year of work, she anticipates that her income will grow at 5% per year for the following 39 years. If Kat saves 15% of her income each year, and if she earns a Rate of Return of .08 (8%) each year, then what will be the balance of her savings at the end of the 20th year? $828,609 $1,249,625 $951,000 $1,003,830
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