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Exercise 16

Avg difficulty 2.5

Chris wants to start saving money for retirement. Suppose he deposits $1000 every year into a savings account that pays 5% APR compounded annually.

  1. How much will Chris have saved in 20 years?

  2. How much will Chris have saved in 40 years?

Lee et al., Math in Society, §2.3 Savings Plans, Exercise 16

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Adapted from Math in Society © 2018–2024 Portland Community College Math Instructors. Licensed under CC BY-SA 4.0. Source: Math in Society. Imported at revision 68ee43c.