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Average annual rate of return

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Mr. Lockport hopes to retire at the end of year 48. His plan is to deposit $4,000 into a savings account at the beginning of each of years 1 - 26, and then $7,000 at the beginning of each of years 27 through 48. If he can earn a 4% average annual rate of return on his growing balance, how much money should he have by the time he retires (at the end of year 48)?

Reference no: EM132017040

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