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Find the Future Value of the following investment: $500 deposited every month Steadily increase deposit size by 2.35% compounded annually Annual return of 6.15% compounded
Find the Future Value of the following investment:
$500 deposited every month
Steadily increase deposit size by 2.35% compounded annually
Annual return of 6.15% compounded semi-annually
Term length is 30 years.
I am not sure how this should be done. I am getting answers that are in the $100m+ range which cannot be true.
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