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Question

You plan to add $500 to the account each year on your birthday. Your first $500 contribution will come one year from now on your 21st birthday. Your 45th and final $500 contribution will occur on your 65th birthday.

You plan to withdraw $5000 from the account five years from now on your 25th birthday to take a trip to Europe.

You also anticipate that you will need to withdraw $10000 from the account 10 years from now on your 30th birthday to take a trip to Asia. You expect that the account will have an average annual return of 12%.

How much money do you anticipate that you will have in the account on your 65th birthday, following your final contribution?

Today is your 20th birthday, and your parents just gave you $5,000 that you plan to use to open a stock brokerage account. You plan to add $500 to the account s500 each year on your birthday. Your first contribution will come one year from now on your 21st birthday. Your 45th and final $500 contribution will occur on your 65th birthday. You plan to withdraw $5,000 from the account five years from now on your 25th birthday to take a trip to Europe. You also anticipate that you will need to withdraw $10,000 from the account 10 years from now on your 30th birthday to take a trip to Asia. You expect that the account will have an average annual return of 12%. How much money do you anticipate that you will have in the account on your 65th birthday, following our final contribution?