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question 74

Essay

Use the information for the question(s)below.
Assume that you are 30 years old today and that you are planning on retirement at age 65.Your current salary is $45,000 and you expect your salary to increase at a rate of 5% per year as long as you work.To save for your retirement,you plan on making annual contributions to a retirement account.Your first contribution will be made on your 31st birthday and will be 8% of this year's salary.Likewise,you expect to deposit 8% of your salary each year until you reach age 65.Assume that the rate of interest is 7%.
-The future value at retirement (age 65)of your savings is:

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Self-Reliant People

Individuals who depend mainly on their own resources and capabilities to achieve their goals.

Stressful Situations

Circumstances that cause anxiety, tension, or pressure, often challenging an individual's ability to cope.

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Showing intense and eager enjoyment, interest, or approval; a person displaying high energy and excitement towards an activity or idea.

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Connections between individuals with different cultural, social, or personal backgrounds, enriching interactions and understanding.