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On his 18th birthday, Josh deposits $5000 per year into a retirement account with an estimated 9.2% rate of return. He will stop making deposits
On his 18th birthday, Josh deposits $5000 per year into a retirement account with an estimated 9.2% rate of return. He will stop making deposits after his 61st birthday, and his investment will continue to grow until he retires at age 75. Assuming his deposits occur at the beginning of each year, how much money will Josh have in his retirement account on his 75th birthday? Please show all your work.
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