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3. Please check my answers (a: 9330.38 b: 2860 c: 6470.38) and do solution by hand. Jeff is saving for his retirement 20 years from
3. Please check my answers (a: 9330.38 b: 2860 c: 6470.38) and do solution by hand.
Jeff is saving for his retirement 20 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $143.00 at the end of every six months for the next 10 years. Interest is 8% compounded semi-annually.
a) How much money will be in his account on the date of his retirement?
b) How much will he contribute?
c) How much will be interest?
Round the final answer to the nearest cent as needed and round all intermediate values to 6 decimal places as needed.
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