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Don Harrison's current salary is $60,000 per year, and he is planning retirement 35 years from now. He anticipates that his annual salary will increase
Don Harrison's current salary is $60,000 per year, and he is planning retirement 35 years from now. He anticipates that his annual salary will increase by $2000 each year (first year: $60,000; second year: $62,000, third year: $64,000; and so on...) and he plans to make an annual deposit in the amount of 8% of his yearly salary into a retirement fund that earns 5.5 % interest (annual) compounded monthly. Assume he deposits at the beginning of each year, starting now and including the last year, year 35. 1. Create a table that shows Don Harrison's salary for each year, his cashflow (the annual deposit) into the retirement fund, the interest earned each year in the retirement fund, and the total in the retirement fund. What will be the amount accumulated at the time of his retirement
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