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On Juan's 26th birthday, he invested $8,500 in a retirement account. Each year thereafter, he deposited 9% more than the previous deposit. The account paid
On Juan's 26th birthday, he invested $8,500 in a retirement account. Each year thereafter, he deposited 9% more than the previous deposit. The account paid annual compound interest of 7%.
If Juan decided to wait 10 years before investing for retirement, how much would he have to invest on his 36th birthday to have the same account balance on his 60th birthday?
Round your answer to the nearest dollar. The tolerance is 5.
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