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After receiving an inheritance of $30,000 on her 21st birthday, Julia deposited the inheritance in a savings account with an effective annual interest rate of 6%. She decided to make regular deposits, beginning with $1,000 on her 22nd birthday, and increasing by $250 each year (that is, $1,250 on her 23rd birthday, $1,500 on her 24th birthday, etc.) What is the future worth of Julia’s deposits on her 58th birthday?

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Financial Management, Finance

Category:- Financial Management
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