On her 21^st birthday, Rachel deposits $22,500 per year into a 403(b) retirement account with an estimated 12.50% annual rate of return. She will stop making deposits after her 65^th birthday (i.e., she will make her final deposit on her 65^th birthday), and her investment will continue to grow until she retires at age 80. Assuming her deposits occur at the beginning of each year, how much money will Rachel have in her retirement account on her 80^th birthday?

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Rachels money will be invested for 59 years when she ... View the full answer