How much would you have in your retirement account, Finance Basics

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How much would you have in your retirement account

Problem

You are 32 years old and want to retire at age 60. How much would you have in your retirement account when you retire (i.e., what is the t=60 value in the account the moment after you make your final contribution) if you contribute $12,000 next year (i.e., at t=1 when you are 33) and increase your annual contributions by 5% every year after? Assume your account will earn 7% annually.

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