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Question 5: As an engineer, you plan to put aside 1% of your yearly income. You expect to make $1 million in the first year,
Question 5: As an engineer, you plan to put aside 1% of your yearly income. You expect to make $1 million in the first year, and then you expect your income to increase by 5% each year for the next 6 years. At the interest rate 10% per year, what is the equivalent annual worth that you plan to set aside in years 1 through 6 years
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