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You have just started a new job and plan to save $5,300 per year for 34 years until you retire. You will make your first deposit in one year. How much will you have when you retire if you earn an annual interest rate of 9.37 percent

Respuesta :

Answer:

$1,132,145

Explanation:

n = 34 years

PMT = $-5,300 (Annual savings)

i/r = 9.37% (Annual interest rate)

PV = 0 (no savings at year 0)

FV = ? (How much will you have when you retire)

Using financial calculator, FV = $1,132,145

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