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Howard invests $5,500 today into a retirement account. He expects to earn 9.2 percent, compounded annually, on his money for the next 10 years. After
Howard invests $5,500 today into a retirement account. He expects to earn 9.2 percent, compounded annually, on his money for the next 10 years. After that, he wants to take less risk, so only expects to earn 6 percent, compounded annually. If this is the only deposit that he makes into the account, how much money will he have in his account when he retires 25 years from now?
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