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30 November, 19:29

Keith started saving for retirement at age 45 with plans to retire at age 70. He invested an average of $500 per month in various securities, with an average annual return of 6% adjusted for inflation. Assuming monthly compounding, how much has Keith saved at the start of retirement? (show work)

A = $27,432.26

B = $446,496.98

C = $346,496.98

D = $712,355.15

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Answers (1)
  1. 30 November, 19:59
    0
    500 * ((1+0.06:12) ^ (12*25) - 1) : (0.06:12)

    =346,496.98
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