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18 March, 08:22

Cannon wants to put as much as he can into a retirement account as soon as he starts working. He deposits $25,000 at then end of each year for 5 years in an account paying 6% interest compounded annually. How much will he have in the account at the start of the 6th year?

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  1. 18 March, 08:47
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    At the beginning of the 6th year, he will have $50,855.64.
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