Use the Information for the Question(s)below

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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Definitions:

Eating Disorder

A mental disorder characterized by abnormal or disturbed eating habits.

Controlling Parents

Parents who exert excessive psychological and behavioral control over their children, often leading to negative psychological outcomes.

Anorexia Nervosa

An eating disorder characterized by an obsessive fear of gaining weight, leading to severe restrictions on food intake and potentially life-threatening weight loss.

Earn Trust

The process of establishing reliability, truth, or ability in the eyes of others over time.