Determining the part of retirement nest egg, Finance Basics

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Determining the part of retirement nest egg

Problem: William North has just inherited $403,000 which he would like to use as part of his retirement nest egg. William would like to know just how much the $403,000 will be worth in 17 years, when he will reach age sixty-five, assuming the funds can be invested for the entire period at a 8.8 percent annual rate.

Round the answer to two decimal places.

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