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An engineer planning for her retirement will deposit 15 percent of her salary each year into a stock found. The initial balance in her stock found (year 0) is $5,000. If her salary this year is $120,000 (end of year 1) and she expects her salary to increase by five percent each year, what will be the future worth of the found after 25 years if it earns 15 percent per year?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91226982

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