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Kevin has decided to retire once he has $1,000,000 in his retirement account. At the end of each year, he will contribute $4,500 to the account, which is expected to provide an annual return of 7.4%. How many years will it take until he can retire?

a. 36 years

b. 42 years

c. 40 years

d. 39 years

e. 41 years

Suppose Kevin’s friend, George, has the same retirement plan, saving $4,500 at the end of each year and retiring once he hits $1,000,000. However, George’s account is expected to provide an annual return of 10.0%. How much sooner can George retire?

a. 2 years

b. 4 years

c. 6 years

d. 7 years

e. 5 years

After 25 years, neither Kevin nor George will have enough money to retire, but how much more will George’s account be worth at this time?

a. $141,056

b. $215,877

c. $186,514

d. $130,073

e. $107,938

Kevin is jealous of George because George is scheduled to retire before him, so Kevin decides to make whatever end-of-year contribution is necessary to reach the $1,000,000 goal at the same time as George. If Kevin continues to earn 7.4% annual interest, what annual contributions must he make in order to retire at the same time as George?

a. $11,695

b. $16,452

c. $8,789

d. $7,751

e. $8,226

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