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Mark Johnson saves a fixed percentage of his salary at the end of each year. This year he saved $1,500. For each of the next
Mark Johnson saves a fixed percentage of his salary at the end of each year. This year he saved $1,500. For each of the next 5 years, he expects his salary to increase at an 3% annual rate, and he plans to increase his savings at the same 3% rate. There will be a total of 6 investments, the initial $1,500 plus five more. If the investments earn a return of 7% per year, how much will Mark have at the end of six years? O $11,500.43 O $14,314.82 $9,702.61 $14,454.17
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