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Perform the following retirement calculation: An employee works at the local hamburger

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Perform the following retirement calculation: An employee works at the local hamburger restaurant for 40 years and never earns more than minimum wage, which is $12,000 a year. However, this employee is able to save 6%, or $720, per year. Over the 40-year period, the employee's investments average 8% interest per year. How much will the employee have in his or her retirement account at the end of the 40 years? What are your thoughts regarding this sum?

 

Paper#32415 | Written in 18-Jul-2015

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