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Molly starts an IRA ( Individual Retirement Account ) at the age of 2 4 to save for retirement. She deposits $ 4 5 0

Molly starts an IRA

(

Individual Retirement Account

)

at the age of

24

to save for retirement. She deposits $

450

each month. The IRA has an average annual interest rate of

8 %

compounded monthly. How much money will she have saved when she retires at the age of

65 ?

Round your answer to the nearest cent, if necessary.

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