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Ryan is trying to get serious about his long-term savings for retirement and has started an individual retirement account (IRA) with a principal lump sum of $500. He is planning on consistently depositing $150 into his IRA every three months and hopes to earn an average APR of 6.5% compounded quarterly. If Ryan's IRA performs as he is predicting, how much will he have in his account in 45 years as he prepares to retire from his career?

Reference no: EM131073757

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