you are 24 years old and decide to start saving for your retirement. You plan to save
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Question:
you are 24years old and decide to start saving for your retirement. You plan to save $5,000
at the end of each year(so the first deposit will be one year fromnow), and will make the last deposit when you retire at age 65.
Suppose you earn 10%
per year on your retirement savings.
A How much will you have saved forretirement? b. How much will you have saved if you wait until age 37 to start saving(again, with your first deposit at the end of theyear)?
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