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You have decided to start a savings plan for your retirement. You plan to make an annual deposit of $40,000 each year for the next
You have decided to start a savings plan for your retirement. You plan to make an annual deposit of $40,000 each year for the next 9 years. The first deposit to be made one year from today. The bank pays a nominal interest rate of 7% annually. How much your savings account with the bank be if you leave the money in the bank to be withdrawn all in 18 years from today?
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