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(1 point) A person wants to establish an annuity for retirement. He wants to make monthly deposits for 35 years so that he can then
(1 point) A person wants to establish an annuity for retirement. He wants to make monthly deposits for 35 years so that he can then make monthly withdraws of $3,800.00 for 10 years. The annuity earns 7% compounded monthly. (a) How much will have to be in the account at the time he retires? Value of account at retirement: [Note: Your answer is a dollar amount and should have dollar sign and exactly two decimal places.] (b) How much should be deposited each month for 35 years in order to accumulate the required amount? monthly deposit: [Note: Your answer is a dollar amount and should have a dollar sign and exactly two decimal places.] (c) What is the total amount of interest earned during the 45-year period? Total Interest Earned: [Note: Your answer is a dollar amount and should have a dollar sign and exactly two decimal places.]
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