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Mathematics, 23.04.2020 07:00 lexie2439

Suppose you are a 22 year old college graduate who just started working. While your current savings (or starting balance) is $0, you create an automatic deposit of $60 a month (about $2 a day or $720 a year) starting with your first paycheck. In other words, assume you directly deposit $60 a month into a well-diversified investment account earning 7% interest compounded yearly from now until you retire at age 67. How much would you have in the account 45 years from now when you retire at 67? (Enter numbers only, no dollar sign or comma. For example, if your answer is $156,241.85 then enter 156241.85 as your submission.)

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