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You have just made your first $4,400 contribution to your retirement account. Assume you earn a return of 13 percent per year and make no additional contributions. a. What will your account be worth when you retire in 29 years

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Answer: $152,309.69

Explanation:

You are looking for the future value of this amount in 29 years assuming it will be compounded annually.

Future value = Amount * (1 + rate)^ number of years

= 4,400 * ( 1 + 13%)²⁹

= $152,309.69

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