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BE SURE TO SAVE YOUR ANSWERS FREQUENTLY. Mr. Lockport hopes to retire in 47 years. His plan is to deposit $5,000 into a savings account

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BE SURE TO SAVE YOUR ANSWERS FREQUENTLY. Mr. Lockport hopes to retire in 47 years. His plan is to deposit $5,000 into a savings account at Homer Glen Community Bank at the beginning of each of years 1 24, and then $7,000 at the beginning of each of years 25 through 47. If he can earn a 4.5% average annual rate of return on the growing balance, how much money should he have by the time he retires (at the end of year 47)? O A. $846,237.23 B. $839,237.23 C. $502,650.42 D. $884,317.90 E. $803,097.82

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