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Your job pays you only once a year for all the work you did over the previous 12 months. Today, 12/31, you received your salary
Your job pays you only once a year for all the work you did over the previous 12 months. Today, 12/31, you received your salary of $55k. However, you want to start saving for retirement. In one year from today you begin depositing 9% of your annual salary in an account that will earn 10% per year. Your salary will increase 3% per year. How much money will you have on the date of your retirement 40 years from today?
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