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Your salary when you graduate will be $40,000/year. You expect that to grow at 5%/year until you retire 40 years later. Assume that you save

Your salary when you graduate will be $40,000/year. You expect that to grow at 5%/year until you retire 40 years later. Assume that you save 5% of your income. Assuming a 7% discount rate, what is the present value of your lifetime savings? What is the future value of your lifetime savings?

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