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Maria Aguianos current salary is $65,000 per year, and she is planning to retire 25 years from now. She anticipates that her annual salary will
Maria Aguianos current salary is $65,000 per year, and she is planning to retire 25 years from now. She anticipates that her annual salary will increase by $3,000 each year (Year 1 $65,000, Year 2 $68,000, Year 3 $71,000, and so forth). She plans to deposit 5% of her yearly salary into a retirement fund that earns 7% interest compounded daily. What will be the amount accumulated at the time of her retirement?
Please show show formulas. Thank you. Will rate.
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