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Retirement Funding. Barry has just become eligible for his employer-sponsored retirement plan. Barry is 40 and plans to retire at 65. Barry calculates that he
Retirement Funding. Barry has just become eligible for his employer-sponsored retirement plan. Barry is 40 and plans to retire at 65. Barry calculates that he can contribute $4,200 per year to his plan. Barry's employer will match this amount. If Barry can earn a return of 8% on his investment, he will have $614,090 at retirement. Assuming a return of 8%, how much would Barry have if he could invest an additional $980 per year that his employer would match beginning at age 40? If Barry could invest an additional $980 per year that his employer would match beginning at age 40, at retirement, he would have $ (Round to the nearest dollar.)
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