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John plans to save for his retirement 12 years from now. He is planning to deposit a lump-sum of $80,000 today, and will keep depositing

John plans to save for his retirement 12 years from now. He is planning to deposit a lump-sum of $80,000 today, and will keep depositing $2,000 each month starting from the end of this month for the next 12 years. How much retirement savings John will have in his bank account 12 years from now if his bank offers him an interest rate of 3% per year? formula

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