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Joseph decided to test the numbers by seeing how much money he would accumulate by a retirement age of 65 if he put one paycheck away at the end of each year. Right now that would mean depositing $1,000 at year end for the next 35 years. Assuming he makes one yearly deposit of $1,000 at 5% compounded annually, how much interest would he earn? State the Formula for calculation of future value of annunity.

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