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19 August, 15:47

You save $500 in a retirement account at age 25. Is increased an average of 10% per year until you are 65. Which formula and result indicates how much money you will have in this account at age 65

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  1. 19 August, 17:59
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    A=p (1+r) ^t

    A=future value=?

    P=principle=500

    R=interest rate=10/100=0.10

    t = time=65-25

    A=500 * (1+0.10) ^ (65-25)

    A=22,629.63
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