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Find the final amount in the following retirement account, in which the rate of return on the account and the regular contribution change over time.
Find the final amount in the following retirement account, in which the rate of return on the account and the regular contribution change over time.
$266 per month invested at 4%, compounded monthly, for 4 years; then $764 per month invested at 5%, compounded monthly, for 4 years.
What is the amount in the account after 8 years? (round to nearest dollar)
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