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Alex plan to retire in 30 years. Starting from this year, he plans to save $3000 every year. The first $3000 will be deposited into

Alex plan to retire in 30 years. Starting from this year, he plans to save $3000 every year. The first $3000 will be deposited into his retirement account by the end of this year. Suppose the account will generate an annual return of 7%. How much money will Alex have in his retirement account when he retires?

$37,227

$630,000

$96,300

$90,000

$283,382

Alex plan to retire in 30 years. He needs $400,000 for his retirement, and plans to make equal annual savings towards the amount needed. Suppose he can only save $4000 a year. What is the minimum annual return required from his retirement account such that Alex will have enough money when he retires?

1%

7.32%

8.64%

233%

18.53%

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