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Problem 7 You have decided to make $4000 contribution to 401K. The rate of return (r) on the account is 11%. Assume that no additional

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Problem 7 You have decided to make $4000 contribution to 401K. The rate of return (r) on the account is 11%. Assume that no additional contribution will be made to your account, what will be the difference in amount if you start contribution to your account now and retire in 45 years compared to if you wait another 10 years before contributing the same amount to your account? (4 points)

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