1. You are planning to retire 10 years from today (i.e. 10 years from today is at the end of year 10). Currently, you have $100,000 in a savings account growing at 5% per year (compounded annually) and $300,000 in the stock market growing at 10% per year (compounded annually). You also plan on depositing $10,000 annually into your savings account for the next 10 years (assume end of year deposits with the first deposit at the end of year 1 and the last deposit at the end of year 10). If the interest rate on your savings account stays at 5% (compounded annually) and your stocks continue to grow at 10% (compounded annually), how much will you have in total at the end of 10 years?
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