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In the last 30 years, in the end of each year, an engineer has deposited 10% of his/her annual salary to a retirement fund where
In the last 30 years, in the end of each year, an engineer has deposited 10% of his/her annual salary to a retirement fund where the deposits are compounded annually by an interest rate 5% per year. The engineer's first annual salary was $12000, and every next year's salary was 6% more than the previous year's salary. What is the current balance in the end of 30 years? Choose the closest value to your answer. (A) $132198.60 B $170585.90 $39469.73 D$79726.62 E $226694.01
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