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2. Gary Luff is trying to plan for retirement in 10 years, and currently he has...

2. Gary Luff is trying to plan for retirement in 10 years, and currently he has $150,000 in a savings account and $250,000 in shares. In addition, he plans on adding to his savings by depositing $8,000 per year in his savings account at the end of each of the next five years and then $10,000 per year at the end of each year for the final five years until retirement. Required:

(a) Assuming Gary’s savings account returns 8% compounded annually while his investment in shares will return 12% compounded annually, how much will he have at the end of 10 years? (Ignore taxes). PLEASE SHOW FORMULA AND NOT FINANCIAL CAL

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