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# On your 23rd birthday you decide to invest $4,500 (10% of your annual salary) in a mutual fund earning 7% per year. You will continue

On your 23rd birthday you decide to invest $4,500 (10% of your annual salary) in a mutual fund earning 7% per year. You will continue to make annual deposits equal to 10% of your annual salary until you retire at age 62(40 years after you started your job). You expect your salary to increase by an average of 4% each year during this time. How much money will you have accumulated in your mutual fund when you retire?

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CertainlyI can help you calculate how much you will have accumulated in your mutual fund by retirementHeres a breakdown of the factors and the solution Given Initial investment4500 Interest rate7 per ...### Get Instant Access to Expert-Tailored Solutions

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