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Your employer automatically puts 5 percent of your salary into a 4 0 1 ( k ) retirement account each year. The account earns 7
Your employer automatically puts percent of your salary into a
retirement account each year. The account earns interest. Suppose you
just got the job, your starting salary is $ and you expect to receive a
raise each year.
For simplicity, assume that interest earned and your raises are given as
nominal rates and compound continuously.
Find the value of your retirement account after years
Value $
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