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Consider the compound interest effect in the following two scenarios. (Note: In your calculations, use either the formula or the financial calculator. Round your answers
Consider the compound interest effect in the following two scenarios. (Note: In your calculations, use either the formula or the financial calculator. Round your answers to the nearest cent.) Nick, age 30, is starting his savings plan this year by putting away $1,050.00 at the end of every year until he reaches age 65. He will deposit this money at his local savings and loan at an interest rate of 6%. The compounding factor is 154.760. Based on the information provided, by the time Nick turns 65, he will have .
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