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Wells Fargo offers a new savings product: You make the following payments at the end of each year and will then receive a lump sum

Wells Fargo offers a new savings product: You make the following payments at the end of each year and will then receive a lump sum payment 25 years from now. Year Payment 1 300 2 400 3 500 4 600 5 700 The annual interest rate is 9% for the next 5 years, then 3% for the following 20 years.

What is the future value of your investment in year 25?

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