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You take your first job out of college as an engineer with a salary of $58,000 per year. You decide to contribute $2,000 into your 401K retirement plan at the end of your first year (when you are 22 years old). If you continue to contribute annually, how much money will you have in your account at the end of the year when you are 55 (you are shooting for an early retirement)? The mutual fund you have chosen for your investment historically earns a nominal rate of 12% compounded monthly. You may use this rate for your time value of money calculations.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91274647

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