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You have just started a new job and plan to save $5,450 per year for 31...

You have just started a new job and plan to save $5,450 per year for 31 years until you retire. You will make your first deposit in one year. How much will you have when you retire if you earn an annual interest rate of 9.19 percent?

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Answer #1

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

Cell reference -

Hope this will help, please do comment if you need any further explanation. Your feedback would be appreciated.

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