1. At the end of each month for 45 years, a 25-year-old deposits $100 into...
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1. At the end of each month for 45 years, a 25-year-old deposits $100 into a retirement account at 7.2% interest, compounded monthly. Use the increasing annuity formula to determine how much money will be in the account when this investor reaches age 70. (Round your answer to the nearest dollar.) 2. At the end of each month for 15 years, a 55-year-old deposits $100 into a retirement account at 7.2% interest, compounded monthly. Use the increasing annuity formula to determine how much money will be in the account when this investor reaches age 70. (Round your answer to the nearest dollar.) 3. Explain why the retirement account balance is so much higher for the investor who starts saving at age 25
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