Your beginning salary is $50,000. You deposit 10% at the end of each year in a savings

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Your beginning salary is $50,000. You deposit 10% at the end of each year in a savings account that earns 6% interest. Your salary increases by 5% per year. What value does your savings book show after 40 years?

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Engineering Economics

ISBN: 9780195168075

9th Edition

Authors: Ted G. Feller

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Question Posted: Mar 01, 2010 05:09 AM

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Your beginning salary is $50,000. You deposit 10% at the end of each year in a savings

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See Excel output below 5 6 10 Year Salary Interest Deposit Total 1 5000000 500000 500000 2 5250000 3...View the full answer

Engineering Economics

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