Question

Terry Austin is 30 years old and is saving for her retirement.  She is planning on making...

Terry Austin is 30 years old and is saving for her retirement.  She is planning
on making 35 contributions to her retirement account at the beginning of
each of the next 35 years.  The first contribution will be made today
(t = 0) and the final contribution will be made 34 years from today (t = 34).
The retirement account will earn a return of 8.2 percent a year.  If each
contribution she makes is $5,493.00 how much will be in the retirement
account 34 years from now (t = 34)?

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Answer #1

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