Question: Ricky is 35 years old. He plans to retire when he is 63. He has opened a retirement account that pays 3.2% interest compounded monthly.

Ricky is 35 years old. He plans to retire when he is 63. He has opened a retirement account that pays 3.2% interest compounded monthly. If he makes monthly deposits of $400, how much will he have in the account by the time he retires?

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