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Starting at age 50, a woman puts $1600 at the end of each quarter into a retirement account that pays 7% interest compounded quarterly. When she reaches age 60, she withdraws the entire amount and places it in a mutual fund account that pays 9% compounded monthly. From then on she deposits $200 in the same mutual fund at the end of each month. How much is in the account when she reaches age 65?

(Simplify your answer. Round inttermediate steps to the nearest cent. Round the final answer to the nearest dollar if needed.)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91941428

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