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Today is Janet’s 23rd birthday. Starting today, Janet plans to begin saving for her retirement. Her...

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Finance

Today is Janet’s 23rd birthday. Starting today, Janet plans tobegin saving for her retirement. Her plan is to contribute $1,000to a brokerage account each year on her birthday. Her firstcontribution will take place today. Her 42nd and final contributionwill take place on her 64th birthday. Her aunt has decided to helpJanet with her savings, which is why she gave Janet $10,000 todayas a birthday present to help get her account started. Assume thatthe account has an expected annual return of 9 percent. How muchwill Janet expect to have in her account on her 65th birthday?Round your answer to 2 decimal places; for example 2345.25.

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3.6 Ratings (647 Votes)
Current balance in account 0 One time gift from Aunt on 23rd Bday 10000 Annual investment from 23nd bday    See Answer
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