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You have just received this years paycheck of $45,000 and have decided to start saving for your retirement. One year from today you will deposit
You have just received this years paycheck of $45,000 and have decided to start saving for your retirement. One year from today you will deposit 5% of your annual salary in an account that earns 8% per year compounded annually. You expect your salary to increase at 3% per year throughout your career. How much money will you have for your retirement, which starts in 30 years?
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