The following table shows the average returns for some of the largest mutual funds commonly found in retirement plans. $($Assume end$-$of$-$month deposits and withdrawals and monthly

compounding, and assume that the quoted rate of return continues indefinitely.$)$

For the past $20$ years you have been depositing $$700$ per month in the Vanguard Total bond fund, and you have now transferred your current balance to the PIMCO bond fund, where you plan to

continue depositing $$700$ per month until you retire in $25$ years. How much can you anticipate having in the investment when you retire? HINT $[$See Example $1.]($Round your answer to the nearest

cent.$)$

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