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You are now 22 years old and you want to retire when you are 60 years old. If you put 25,000 IQD into an account

You are now 22 years old and you want to retire when you are 60 years old. If you put 25,000 IQD into an account every month, at 6% interest compounded monthly, then stop contributing when you retire,

a. How much money will you have when you retire at 60?

b. How much money per month will you have to live on if you live on the interest-only?

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