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You just turned 39 years old and decide to start saving for your retirement. You plan to save $6,000 at the end of each year
You just turned 39 years old and decide to start saving for your retirement. You plan to save $6,000 at the end of each year (so the first deposit will be one year from now), and will make the last deposit when you retire at age 65. Suppose you earn 6% per year on your retirement savings, how much will you have saved for retirement right at age 65? (Round to the nearest dollar.) Answer: You are 38 years old and decide to start saving for your retirement. You plan to save $4,000 at the end of the first year and then increase your savings by 3% per year until you make the very last deposit at age 65. Suppose you earn 6% per year on your retirement savings. How much will you have saved for retirement right at age 65? (Round to the nearest dollar.)
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