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You have just made your first $1,000 contribution to your retirement account. Assume you earn a return of7 percent and make no additional contributions.

You have just made your first $1,000 contribution to your retirement account. Assume you earn a return of7 percent and make no additional contributions. a. What will your account be worth when you retire in 35 years? b. What will your account be worth if you wait 7 years before contributing?

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