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Determining the contribution constant

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You open an account that earns 19% interest and start saving $1000 at the end of this year. You have the option increase your saving by 2% each year, or keep your contribution constant each year. If you do not increase your savings by 2%, how much less will you have in your account after 19 years than if you increased your contributions? Round your answer to the nearest dollar.

Reference no: EM131402291

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