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You are
29
years old and decide to start saving for your retirement. You plan to save
$5,500
at the end of each year? (so the first deposit will be one year from? now), and will make the last deposit when you retire at age
70.
Suppose you earn
12%
per year on your retirement savings.
a. How much will you have saved for? retirement?
b. How much will you have saved if you wait until age
35
to start saving? (again, with your first deposit at the end of the? year)?
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