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TWO PART QUESTION, THANKS! You are to make monthly deposits of $1,787 into a retirement account that pays 5 percent interest compounded monthly. If your

TWO PART QUESTION, THANKS!

You are to make monthly deposits of $1,787 into a retirement account that pays 5 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 23 years?

You currently have $39,471.01 in an account that pays 5 percent interest. You plan to deposit in this account $3581 at the end of each year until the account reaches $124578. How long would that take? Enter your answer with 4 decimals (e.g. 5.1234).

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