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You just turned 25 year old, and decide to start saving $6,000 per year (with the first deposit one year from now), in an account
You just turned 25 year old, and decide to start saving $6,000 per year (with the first deposit one year from now), in an account paying 7% (annual compounding). You plan to make your last deposit 40 years from now when you retire at age 65. During retirement, you plan to withdraw funds from the account at the end of each month (so your first withdrawal will occur one month after your 65th birthday). Calculate the amount you will have in your account on your 65th birthday. (Round to 2 decimals)
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