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He is currently 40 years old, and will retire at age 70. He already has $ 478108 in his super fund which earns 6% p.a.
He is currently 40 years old, and will retire at age 70. He already has $ 478108 in his super fund which earns 6% p.a. Samuel has just started a new job which pays him a decent amount of salary per annum. Out of the salary received, $ 7683 p.a., will be contributed into the super fund account at the end of each year, with a 7% p.a. Assuming that the salary and interest rates remain constant until his retirement age, how much will Samuel accumulate in his superannuation account when he retires?
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