Question: Mary started her first job at 22. She began saving money immediately but stopped after five years. Mary invested $2,500 each year until age 27.

Mary started her first job at 22. She began saving money immediately but stopped after five years. Mary invested $2,500 each year until age 27. She receives 10% interest compounded annually and plans to retire at 62.

(a) What amount will Mary have when she reaches retirement age? Use the tables in the Business Math Handbook.

(b) What is the total amount of interest she will have received?

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