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You are graduating from college at the end of this semester and after reading the The...

You are graduating from college at the end of this semester and after reading the The Business of Life box in this​ chapter, you have decided to invest ​$5,800 at the end of each year into a Roth IRA for the next 47 years. If you earn 9 percent compounded annually on your​ investment, how much will you have when you retire in 47 years? How much will you have if you wait 10 years before beginning to save and only make 37 payments into your retirement​ account?

a. How much will you have when you retire in 47 ​years? ​$____​(Round to the nearest​ cent.)

b. How much will you have if you wait 10 years before beginning to save and only make 37 payments into your retirement​ account? $___(Round to the nearest cent.)

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