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b. You graduate from University on your 21st birthday, and start a new job on that day. You decide to start saving for your retirement,

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b. You graduate from University on your 21st birthday, and start a new job on that day. You decide to start saving for your retirement, by depositing $250 each month into an account paying 9% p.a. compounded monthly. Your first deposit is one month after your 21st birthday and your last deposit is on your 65th birthday. How much will be in the account on your 65th birthday? [5 marks]

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