Question: 1 ) Assume you will work and save for 4 0 years. If you put $ 5 0 0 per month into a savings account,

1) Assume you will work and save for 40 years. If you put $500 per month into a savings account, paying 3% annual interest (compounded monthly), how much will you have when you retire in 40 years? Assume deposits occur at the end of each month.

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