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(Growth annuity) Micheal has just signed a professional basketball contract where he will earn $2,500,000 the first year he received a 5% annual increase for
(Growth annuity) Micheal has just signed a professional basketball contract where he will earn $2,500,000 the first year he received a 5% annual increase for 10 years. He plans to save 50% of his annual salary each year in a mutual fund were he expects to earn 16% annually. How much will he have in his savings after 10 years?
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