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At the age of 25, your second cousin, Lucky Louie, inherits $31,000 from your favorite Uncle Gauss. Louie invests the money in an account where
At the age of 25, your second cousin, Lucky Louie, inherits $31,000 from your favorite Uncle Gauss. Louie invests the money in an account where interest is 7.3% compounded monthly. At the age of 49 years old, Louie withdraws $61,000 from his account to help pay for his son's college education. Assuming the account continues to earn an annual interest rate of 7.3% compounded monthly and that no additional withdrawals or deposits are made, what is the value of Louie's account at the age of 70?
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