A young graduate engineer wants to know the future value, Accounting Basics

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A young graduate engineer wants to know the future value

Question: A young graduate engineer wants to know the future value accumulated if she invests a uniform series amount equal to the IRS annual limit of $5,500 per year each month for the next 40 years in an individual retirement account (IRA). Assuming a 3% per year rate of return, compounded monthly, she wants to calculate the total future compound amount of the IRA accumulation after 40 years.

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