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Question(s) / Instruction(s):

Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 65 and puts $21,000 into an account earning 7% compounded annually. Use Table 1.

  Person                                Age        Initial Investment           

  Alec                     55                           $21,000                

  Daniel                 45                           21,000                    

  William               35                           21,000                    

  Stephen             25                           21,000                  

Required:

Calculate how much each person will have accumulated by the age of 65.

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