A twenty-two-year-old teacher makes $30,000 a year. The teacher contributes 8% of her salary to her retirement and the school contributes another 13% on a monthly basis. If her retirement account earns 7.25% on investments, how much money will she have when she is 62?
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Answer to 01-03-2011 problem:
132.10% (N=5, PV= -35,000, PMT=0, FV=59,000)