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Bill Lumbergh has been contributing $6,500 at the end of each year to his IRA that has been earning an average of 7.74% each year.

  1. Bill Lumbergh has been contributing $6,500 at the end of each year to his IRA that has been earning an average of 7.74% each year. It is Joels wish to accumulate $500,000 so that he can retire. How many years will it take for Joel to accumulate $500,000, assuming he continues to contribute at the same level each year and that returns stay the same?

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