You are planning for your retirement and have decided the following: you will retire in 40...

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Finance

You are planning for your retirement and have decided thefollowing: you will retire in 40 years and will make monthlydeposits into your retirement account of $300 for the next 15 yearsand then monthly deposits of $750 for the remaining 25 years untilretirement. This account earns a 7% rate of return, compoundedmonthly. In addition, you will inherit $50,000 7 years from today.The inheritance will be deposited into an account that will earn10% per year until year 20 and then 15% per year after that(compounded annually). How much will you have when you retire?
$2,122,992.89
$3,977,062.58
$3,527,728.75
$702,642.46

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You are planning for your retirement and have decided thefollowing: you will retire in 40 years and will make monthlydeposits into your retirement account of $300 for the next 15 yearsand then monthly deposits of $750 for the remaining 25 years untilretirement. This account earns a 7% rate of return, compoundedmonthly. In addition, you will inherit $50,000 7 years from today.The inheritance will be deposited into an account that will earn10% per year until year 20 and then 15% per year after that(compounded annually). How much will you have when you retire?$2,122,992.89$3,977,062.58$3,527,728.75$702,642.46